SMRA Acc FY 2016 Eng
PT Summarecon Agung Tbk
and it s Subsidiaries
Consolidated financial statements
as of December 31, 2016 and for the year then ended
with independent auditors’ report
These consolidated financial statements are originally issued in the Indonesian language.
PT SUMMARECON AGUNG Tbk AND ITS SUBSIDIARIES
CONSOLIDATED FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2016 AND FOR THE YEAR THEN ENDED
WITH INDEPENDENT AUDITORS’ REPORT
Table of Contents
Page
The Board of Directors’ Statement
Independent Auditors’ Report
Consolidated Statement of Financial Position .......................................................................................
1-3
Consolidated Statement of Profit or Loss and Other Comprehensive Income......................................
4-5
Consolidated Statement of Changes in Equity ......................................................................................
6-7
Consolidated Statement of Cash Flows ................................................................................................
8-9
Notes to the Consolidated Financial Statements .................................................................................. 10-125
**************************
These consolidated financial statements are originally issued in the Indonesian language.
PT SUMMARECON AGUNG Tbk AND ITS SUBSIDIARIES
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
As of December 31, 2016
(Expressed in thousands of Indonesian Rupiah, unless otherwise stated)
Notes
December 31, 2016
December 31, 2015
2,076,201,416
1,503,546,080
28,391,713
510,695,474
9,223,228
3,786,531
142,134,750
6,114,753
5,531,046,712
202,800,881
34,529,606
305,821,412
106,644
4,924,806,927
250,754,658
35,131,972
423,302,020
103,829
8,698,817,086
7,289,681,520
10,794,659
28,720,906
347,067
66,041,843
6,157,514,444
512,064,525
347,067
55,749,280
5,737,443,704
660,130,972
451,343,312
420,472,052
4,486,693,698
10,218,110
4,311,751,806
15,929,958
226,775,487
160,988,520
99,005,586
167,750,077
Total non-current assets
12,111,502,571
11,468,580,502
TOTAL ASSETS
20,810,319,657
18,758,262,022
ASSETS
CURRENT ASSETS
Cash and cash equivalents
Trade receivables
Related parties
Third parties
Other receivables
Inventories
Prepaid taxes
Prepaid expenses
Advance payments
Other current financial assets
2d,2r,2u,4,
33,34
2l,2u,5,
14,34
2f,32
2u,6,34
2g,2m,
2n,7,14
2t,19a
2h,8
10
2u,13,34
Total current assets
NON-CURRENT ASSETS
Trade receivables
Related party
Third party
Other receivables
Due from related parties
Undeveloped land
Advance payments
Fixed assets
Investment properties
Deferred tax assets
Other non-current financial assets
Other non-current assets
2l,2u,5
14,34
2f,32
2u,6,34
2f,2u,32,34
2i,9,14,15
10
2j,2m,2n,
11,14
2k,2l,2m,2n,
12,14,15
2t,19f
2d,2e,2u,
13,14,34
The accompanying notes form an integral part of these consolidated financial statements.
1
These consolidated financial statements are originally issued in the Indonesian language.
PT SUMMARECON AGUNG Tbk AND ITS SUBSIDIARIES
CONSOLIDATED STATEMENT OF FINANCIAL POSITION (continued)
As of December 31, 2016
(Expressed in thousands of Indonesian Rupiah, unless otherwise stated)
Notes
December 31, 2016
December 31, 2015
1,040,798,732
808,553,471
57,614,375
63,006,515
231,571,989
79,512,731
264,562,084
-
1,515,289,485
45,773,975
1,697,306,503
39,643,616
19,125,408
6,485,405
206,336
553,150,011
119,690
1,077,496,769
312,817,434
2,065
277,629,533
361,511,052
174,880,393
4,217,371,528
4,409,686,044
3,542,370,341
2,481,961,543
4,076,542
-
2,738,013,302
2,476,372,934
14,471,483
2,765,597
113,614,609
119,190,420
10,362,320
2,199,026,889
60,846,896
12,842,452
2,291,052
8,280,618
1,380,234,364
62,004,533
16,342,450
1,150,363
8,427,392,644
6,818,826,064
12,644,764,172
11,228,512,108
LIABILITIES AND EQUITY
CURRENT LIABILITIES
Short-term bank loans
Trade payables to third parties
Other payables
Due to related party
Accrued expenses
Taxes payable
Liability for short-term employee
benefits
Downpayments received and
security deposits
Related parties
Third parties
Unearned revenues
Related parties
Third parties
Current maturities of long-term
debts:
Loans from banks and
financing institutions
2r,2u,14,
33,34
2r,2u,16,
33,34
2r,2u,17,
33,34
2f,2u,32,34
2r,2u
18,33,34
2t,19b
2q,2u,20,34
2l,2u,21,34
2f,32
2l,2p,22
2f,32
2u,14,34
2r,33
Total current liabilities
NON-CURRENT LIABILITIES
Long-term debts - net of current
maturities:
Loans from banks and
financing institutions
Bonds payable and sukuk ijarah
Other payables
Due to related parties
Liability for long-term employee
benefits
Downpayments received and
security deposits
Related parties
Third parties
Unearned revenues
Other non-current financial liabilities
Deferred tax liabilities
2u,14,34
2r,33
2u,2y,15,34
2u,17,33,34
2f,2u,32,34
2q,20
2l,2u,21,34
2f,32
2l,2p,22
2u,34
2t,19f
Total non-current liabilities
TOTAL LIABILITIES
The accompanying notes form an integral part of these consolidated financial statements.
2
These consolidated financial statements are originally issued in the Indonesian language.
PT SUMMARECON AGUNG Tbk AND ITS SUBSIDIARIES
CONSOLIDATED STATEMENT OF FINANCIAL POSITION (continued)
As of December 31, 2016
(Expressed in thousands of Indonesian Rupiah, unless otherwise stated)
Notes
December 31, 2016
December 31, 2015
1,442,678,168
22,996,315
1,442,678,168
22,996,315
1,557,398
1,773,189
93,698,522
4,682,027,841
82,534,109
4,462,831,991
6,242,958,244
1,922,597,241
6,012,813,772
1,516,936,142
8,165,555,485
7,529,749,914
20,810,319,657
18,758,262,022
EQUITY
Equity Attributable to
Owners of the
Parent Entity
Capital stock
Authorized - 25,000,000,000
shares at par value
of Rp100 (full amount)
per share
Issued and fully paid 14,426,781,680 shares
Additional paid-in capital
Differences from transactions
with Non-controlling interests
Retained earnings
Appropriated - general reserve
Unappropriated
Total Equity Attributable to Owners
of the Parent Entity
Non-controlling Interests
1b,24
1b,2o,2x,25
1e,2c
26
2c,23
TOTAL EQUITY
TOTAL LIABILITIES AND EQUITY
The accompanying notes form an integral part of these consolidated financial statements.
3
These consolidated financial statements are originally issued in the Indonesian language.
PT SUMMARECON AGUNG Tbk AND ITS SUBSIDIARIES
CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
For the Year Ended December 31, 2016
(Expressed in thousands of Indonesian Rupiah, unless otherwise stated)
Year ended December 31,
Notes
NET REVENUES
COST OF SALES AND DIRECT COSTS
5,397,948,907
5,623,560,624
2p,29
(2,799,538,204)
(2,716,755,658)
2,598,410,703
2,906,804,966
2p,30
2p,30
INCOME FROM OPERATIONS
31
PROFIT BEFORE FINAL TAX
AND INCOME TAX EXPENSE
101,097,479
(633,527,946)
877,504,997
2t,19d,19g
PROFIT BEFORE INCOME TAX EXPENSE
INCOME TAX EXPENSE - Net
(348,970,044)
(840,502,532)
4,429,154
(3,431,817)
1,409,935,464
Finance income
Finance costs
FINAL TAX EXPENSE
2015
2f,2p,28,32
GROSS PROFIT
Selling expenses
General and administrative expenses
Other operating income
Other operating expenses
2016
(261,365,173)
616,139,824
2t,19d
PROFIT FOR THE YEAR
(11,088,966)
605,050,858
(258,296,059)
(880,878,969)
29,030,496
(5,263,019)
1,791,397,415
74,279,112
(483,493,607)
1,382,182,920
(316,174,047)
1,066,008,873
(1,928,934)
1,064,079,939
OTHER COMPREHENSIVE INCOME
(EXPENSE)
Items that will not be reclassified to
profit or loss in subsequent periods:
Gain (loss) on employee benefits liability
2q,20
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR
PROFIT FOR THE YEAR
ATTRIBUTABLE TO:
Owners of the Parent Entity
Non-controlling Interests
2c,23
NET
(9,171,644)
595,879,214
1,086,441,281
311,665,815
293,385,043
855,185,525
208,894,414
605,050,858
1,064,079,939
The accompanying notes form an integral part of these consolidated financial statements.
4
22,361,342
These consolidated financial statements are originally issued in the Indonesian language.
PT SUMMARECON AGUNG Tbk AND ITS SUBSIDIARIES
CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND
OTHER COMPREHENSIVE INCOME (continued)
For the Year Ended December 31, 2016
(Expressed in thousands of Indonesian Rupiah, unless otherwise stated)
Year ended December 31,
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR ATTRIBUTABLE TO:
Owners of the Parent Entity
Non-controlling Interests
Notes
2016
2015
2c,23
302,494,171
293,385,043
877,546,867
208,894,414
595,879,214
1,086,441,281
21.60
59.28
NET
EARNINGS PER SHARE
ATTRIBUTABLE TO OWNERS OF
THE PARENT ENTITY (full amount)
2v,24,39
The accompanying notes form an integral part of these consolidated financial statements.
5
These consolidated financial statements are originally issued in the Indonesian language.
PT SUMMARECON AGUNG Tbk AND ITS SUBSIDIARIES
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
For the Year Ended December 31, 2016
(Expressed in thousands of Indonesian Rupiah, unless otherwise stated)
Equity Attributable to Owners of the Parent Entity
Notes
Balance as of January 1, 2015
Issued and
fully paid
capital stock
Differences from
transactions with
Non-controlling
interests
Additional
paid-in
capital
Retained earnings
Appropriated reserve fund
Unappropriated
1,442,678,168
22,996,315
1,511,269
68,658,940
Non-controlling
Interests
Total
3,887,695,926
5,423,540,618
992,915,338
6,416,455,956
-
-
-
-
3,000,000
3,000,000
Appropriation for general reserve
26
-
-
-
13,875,169
Deposits for future stock subscription
23
-
-
-
-
Cash dividend
27
-
-
-
-
(288,535,633 )
(288,535,633)
-
-
-
-
877,546,867
877,546,867
208,894,414
1,086,441,281
Total comprehensive income for the year
(13,875,169 )
Total
Equity
-
-
(288,535,633 )
Non-controlling interests arising from
acquisition of subsidiaries
1e
-
-
-
-
-
-
155,425,043
155,425,043
Capital stock increase paid by
Non-controlling Interest
23
-
-
-
-
-
-
153,785,043
153,785,043
Sale of ownership to Non-controlling
Interest in subsidiaries
1e
-
-
261,920
-
-
261,920
2,874,980
3,136,900
Changes in Non-controlling Interest
-
-
-
-
-
-
41,324
41,324
Balance as of December 31, 2015
1,442,678,168
22,996,315
1,773,189
82,534,109
4,462,831,991
6,012,813,772
1,516,936,142
7,529,749,914
The accompanying notes form an integral part of these consolidated financial statements.
6
These consolidated financial statements are originally issued in the Indonesian language.
PT SUMMARECON AGUNG Tbk AND ITS SUBSIDIARIES
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (continued)
For the Year Ended December 31, 2016
(Expressed in thousands of Indonesian Rupiah, unless otherwise stated)
Equity Attributable to Owners of the Parent Entity
Notes
Balance as of December 31, 2015
Issued and
fully paid
capital stock
Differences from
transactions with
Non-controlling
interests
Additional
paid-in
capital
Retained earnings
Appropriated reserve fund
Unappropriated
1,442,678,168
22,996,315
1,773,189
82,534,109
Non-controlling
Interests
Total
4,462,831,991
Total
Equity
6,012,813,772
1,516,936,142
7,529,749,914
-
-
-
Appropriation for general reserve
26
-
-
-
11,164,413
(11,164,413)
Cash dividend
27
-
-
-
-
(72,133,908)
-
-
-
-
302,494,171
302,494,171
293,385,043
595,879,214
23
-
-
-
-
-
-
131,260,265
131,260,265
1e,23
-
-
-
-
-
-
1,500,000
1,500,000
1e
-
-
-
-
(20,484,209)
(20,700,000)
1,442,678,168
22,996,315
93,698,522
4,682,027,841
Total comprehensive income for the year
Capital stock increase paid by
Non-controlling Interest
Capital contributon paid by Non-controlling
interest in subsidiaries
Acquisition of Non-controlling interest
in subsidiaries
Balance as of December 31, 2016
(215,791)
1,557,398
The accompanying notes form an integral part of these consolidated financial statements.
7
(72,133,908)
(215,791)
6,242,958,244
-
1,922,597,241
(72,133,908)
8,165,555,485
These consolidated financial statements are originally issued in the Indonesian language.
PT SUMMARECON AGUNG Tbk AND ITS SUBSIDIARIES
CONSOLIDATED STATEMENT OF CASH FLOWS
For the Year Ended December 31, 2016
(Expressed in thousands of Indonesian Rupiah)
Year ended December 31,
Notes
CASH FLOWS FROM OPERATING
ACTIVITIES
Cash receipts from customers
Receipts of interest income
Cash payments to:
Suppliers and for other operating expenses
Employees
Payments of:
Interest expense
Final tax
Income taxes
Net cash provided by (used in)
operating activities
CASH FLOWS FROM INVESTING
ACTIVITIES
Proceeds from sale of fixed assets
and investment properties
Acquisitions of undeveloped land
Acquisitions of fixed assets and
investment properties
Collection of (payments for)
amounts due from related parties
Acquisition of subsidiaries, less cash
acquired from subsidiaries
2016
2015
5,159,749,322
98,806,398
4,236,706,250
72,856,828
(3,819,025,663)
(495,122,874)
(3,040,923,759)
(567,478,244)
(576,404,598)
(288,938,512)
(7,989,890)
(486,365,874)
(226,579,826)
(8,900,546)
71,074,183
(20,685,171)
11
2,066,616
(399,556,671)
3,431,387
(1,320,036,462)
11,12
(391,365,862)
(590,237,715)
32
(10,292,563)
48,418,103
-
Net cash used in investing activities
(799,148,480)
CASH FLOWS FROM FINANCING
ACTIVITIES
Proceeds of bank loans
Capital contribution from non-controlling interests
in subsidiaries
Receipt of (Payment for) due to related parties
Receipt of other payables
Drawdown of (placement for) restricted time deposits
Repayment of bank loans and
financing institutions
Cash dividends paid by the Company
Payment for other payables
Payment of acquisition of non-controlling interests
in subsidiaries
Proceeds from sale of ownership in subsidiaries
to non-controlling interest
Proceeds from bonds and sukuk ijarah issuance
Net cash provided by financing activities
2,241,368,922
132,760,265
76,747,134
26,274,606
2,058,187
(1,018,000,579)
(72,005,559)
(67,773,343)
(20,700,000)
(1,906,649,181)
2,062,422,355
159,701,349
(50,948,859)
41,498,737
(464,876)
(1,059,790,260)
(288,077,886)
-
-
3,136,900
792,621,928
1,300,729,633
1,660,099,388
The accompanying notes form an integral part of these consolidated financial statements.
8
(48,224,494)
These consolidated financial statements are originally issued in the Indonesian language.
PT SUMMARECON AGUNG Tbk AND ITS SUBSIDIARIES
CONSOLIDATED STATEMENT OF CASH FLOWS (continued)
For the Year Ended December 31, 2016
(Expressed in thousands of Indonesian Rupiah)
Year ended December 31,
Notes
NET INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS
2016
572,655,336
2015
(267,234,964)
CASH AND CASH EQUIVALENTS
AT BEGINNING OF YEAR
4
1,503,546,080
1,770,781,044
CASH AND CASH EQUIVALENTS
AT END OF YEAR
4
2,076,201,416
1,503,546,080
Supplementary information on non-cash activities is presented in Note 40.
The accompanying notes form an integral part of these consolidated financial statements.
9
These consolidated financial statements are originally issued in the Indonesian language.
PT SUMMARECON AGUNG Tbk AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
As of December 31, 2016 and for the Year Then Ended
(Expressed in thousands of Indonesian Rupiah, unless otherwise stated)
1. GENERAL
a. The Company’s Establishment
PT Summarecon Agung Tbk (the “Company”) was established within the framework of the
Domestic Capital Investment Law based on notarial deed No. 308 dated November 26, 1975 of
Ridwan Suselo, S.H. The Company’s articles of association was approved by the Ministry of
Justice in its Decision Letter No. YA 5/344/6 dated July 12, 1977 and was published in the State
Gazette Republic of Indonesia No. 79, dated October 4, 1977, Supplement No. 597. The articles of
association has been amended from time to time, the latest amendment of which was notarized
under deed No. 29 dated June 10, 2015 of Fathiah Helmi S.H., concerning the changes of
Company’s articles of association in compliance with Indonesian Financial Service Authority
No. 32/POJK.04/2014 and approving 5 (five) year tenure of Directors and Commisioners. The
amendment was acknowledged and recorded by the Ministry of Law and Human Rights of the
Republic of Indonesia (“MLHR”) in its Decision Letter No.AHU-AH.01.03-0948173 dated
July 3, 2015.
According to Article 3 of the Company’s articles of association, its scope of activities comprises
real estate development including the related supporting facilities, service and trading. Currently,
the Company carries business in the sale or rental of real estate, shopping centers, and office
facilities along with related facilities and infrastructures.
The Company is domiciled in East Jakarta, and its head office is located at Plaza Summarecon,
Jl. Perintis Kemerdekaan No. 42, Jakarta.
The Company started commercial operations in 1976.
PT Semarop Agung is the ultimate parent entity of the Company and its subsidiaries (hereafter
collectively referred to as the “Group”).
b. The Company’s Public Offerings
The Chairman of the Capital Market and Financial Institutions Supervisory Agency
(“BAPEPAM-LK”), through his letter No. SI-085/SHM/MK.10/1990 dated March 1, 1990, declared
effective at that date, the offering of 6,667,000 Company’s shares with a par value of Rp1,000 (full
amount) per share to the public at an offering price of Rp6,800 (full amount) per share. The
Company listed all its issued shares on the Jakarta Stock Exchange on August 14, 1996.
Based on the minutes of the Stockholders’ Extraordinary General Meeting (“EGM”) which were
notarized under deed No. 1 dated July 1, 1996 of Sutjipto, S.H., the stockholders approved the
reduction in the par value of the Company’s shares from Rp1,000 (full amount) to Rp500
(full amount) per share. The amendment was acknowledged and recorded by the Ministry of
Justice in its Decision Letter No. C2.9225.HT.01.04.TH.96 dated September 27, 1996.
Based on the minutes of the EGM which were notarized under deed No. 100 dated June 21, 2002
of Sutjipto, S.H., the stockholders approved the reduction in the par value of the Company’s
shares from Rp500 (full amount) to Rp100 (full amount) per share. The amendment was
acknowledged and recorded by the MLHR in its Decision Letter No. C-12844 HT.01.04.TH.2002
dated July 12, 2002.
10
These consolidated financial statements are originally issued in the Indonesian language.
PT SUMMARECON AGUNG Tbk AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
As of December 31, 2016 and for the Year Then Ended
(Expressed in thousands of Indonesian Rupiah, unless otherwise stated)
1. GENERAL (continued)
b. The Company’s Public Offerings (continued)
In 2005, the Company issued additional 93,676,000 shares with a par value of Rp100 (full amount)
per share which were issued for and fully paid by Valence Asset Limited, British Virgin Islands, at
an offering price of Rp775 (full amount) per share. The Company listed all the additional shares
issued on the Jakarta Stock Exchange on November 17, 2005. This increase in the issued and
fully paid capital stock was made under BAPEPAM-LK Regulation No. IX.D.4., Attachment to the
Chairman of BAPEPAM-LK Decision No. Kep-44/PM/1998 dated August 14, 1998 regarding
additional shares issuance without Pre-Emptive Rights.
In 2006, the Company distributed 786,881,920 bonus shares with a par value of Rp100 (full
amount) per share.
On August 28, 2007, the Company’s Registration Statement to offer its First Limited Public
Offering of Rights to the Stockholders with the Issuance of Pre-emptive Rights, totaling
459,014,453 new shares and a maximum of 229,507,226 Series I Warrants was declared
effective. The Company listed all such new shares on the Indonesia Stock Exchange.
In June 2008, the Company distributed 3,217,893,796 bonus shares with a par value of Rp100
(full amount) per share.
In June 2010 and December 2009, a total of 436,340,202 and 1,013,046 Series I Warrants were
exercised.
In 2012, the Company issued 340,250,000 new shares with a nominal value of Rp100 (full
amount) per share through the issuance of capital stock without pre-emptive rights phase I with
minimum exercise price of Rp1,550 (full amount) per share, increasing the Company's issued and
fully paid capital stock from 6,873,140,840 shares to 7,213,390,840 shares.
Based on the minutes of the EGM held on June 5, 2013 which were covered by notarial deed
No. 21 of Fathiah Helmi, S.H., the stockholders approved the distribution of bonus shares through
the capitalization of additional paid-in capital amounting to Rp721,339,084 whereby each
outstanding share received 1 bonus share. As a result, the issued and fully paid capital stock
increased from Rp721,339,084 to Rp1,442,678,168. The distribution of the bonus shares was
conducted on July 15, 2013.
c. Board of Commissioners, Directors, Audit Committee and Employees
The composition of the Company's Board
December 31, 2016 and 2015 was as follows:
Board of Commissioners
President Commissioner
Commissioner
Independent Commissioner
Independent Commissioner
: Soetjipto Nagaria
: Harto Djojo Nagaria
: H. Edi Darnadi
: Esther Melyani Homan
11
of
Commissioners
and
Board of Directors
President Director
Director
Director
Director
Director
Director
Director
Independent Director
:
:
:
:
:
:
:
:
Directors
as
of
Adrianto Pitoyo Adhi
Lexy Arie Tumiwa
Liliawati Rahardjo
Soegianto Nagaria
Herman Nagaria
Yong King Ching
Sharif Benyamin
Ge Lilies Yamin
These consolidated financial statements are originally issued in the Indonesian language.
PT SUMMARECON AGUNG Tbk AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
As of December 31, 2016 and for the Year Then Ended
(Expressed in thousands of Indonesian Rupiah, unless otherwise stated)
1. GENERAL (continued)
c. Board of Commissioners, Directors, Audit Committee and Employees (continued)
The composition of the Company’s Audit Committee as of December 31, 2016 and 2015 was as
follows:
Chairman
Member
Member
: H. Edi Darnadi
: Leo Andi Mancianno
: Neneng Martini
The total amount of gross compensation for the key management of the Company was as follows:
Year ended December 31,
2016
2015
Commissioners:
Short-term employee benefits
Post-employment benefits
13,631,735
-
21,443,969
2,228,473
Sub-total
13,631,735
23,672,442
Directors:
Short-term employee benefits
Post-employment benefits
27,676,293
558,977
48,345,145
734,637
Sub-total
28,235,270
49,079,782
Total
41,867,005
72,752,224
The Group had 2,371 and 2,318 permanent employees (unaudited) as of December 31, 2016 and
2015, respectively.
12
These consolidated financial statements are originally issued in the Indonesian language.
PT SUMMARECON AGUNG Tbk AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
As of December 31, 2016 and for the Year Then Ended
(Expressed in thousands of Indonesian Rupiah, unless otherwise stated)
1. GENERAL (continued)
d. Structure of the Company’s Subsidiaries
The Company had direct and indirect ownership in the following Subsidiaries:
Name of Subsidiaries
Domicile
Principal Activity
Start of
Commercial
Operations
Percentage of Ownership (%)
December 31, 2016
December 31, 2015
Direct Subsidiaries
PT Bahagia Makmursejati
(BHMS)
Jakarta
a
2003
99.99
99.99
PT Serpong Cipta Kreasi
(SPCK)
Tangerang
a
2004
100.00
100.00
PT Anugerah Damai Abadi
(AGDA)
Tangerang
b
2007
100.00
100.00
PT Gading Orchard (GDOR)
Jakarta
a
2008
100.00
100.00
PT Summarecon Property
Development (SMPD)
Jakarta
a
2012
100.00
100.00
PT Summarecon Investment
Property (SMIP)
Jakarta
c
2012
100.00
100.00
PT Multi Abadi Prima (MTAP)
Jakarta
d
2013
100.00
100.00
PT Bhakti Karya Sejahtera
(BTKS)
Jakarta
e
2013
100.00
100.00
PT Citra Damai Agung
(CTDA)
Jakarta
a
2014
100.00
100.00
e
2016
80.00
-
PT Bhakti Karya Bangsa
(BTKB)
Jakarta
PT Java Investama Properti
(JVIP)
Jakarta
c
-
100.00
100.00
PT Sagraha Mitraloka Elok
(SGME)
Jakarta
j
-
100.00
-
PT Eskage Tatanan Kota
(EKTK)
Jakarta
f
2009
100.00
100.00
PT Bekasi Tatanan Kota
(BKTK)
Bekasi
f
2012
100.00
100.00
Bandung
a
2015
100.00
100.00
PT Maju Lestari Properti
(MJLP)
Jakarta
a
-
100.00
100.00
PT Inovasi Jaya Properti
(IVJP)
Jakarta
a
-
100.00
100.00
PT Mahkota Intan
Cemerlang (MKIC)
Jakarta
a
-
100.00
100.00
PT Banyumas Eka
Mandiri (BYEM)
Jakarta
a
-
100.00
100.00
PT Aruna Cahaya
Abadi (ARCA)
Jakarta
a
-
100.00
100.00
PT Selaras Maju
Mandiri (SLMM)
Jakarta
a
-
100.00
100.00
PT Orient City (ORCT)
Jakarta
a
-
100.00
100.00
Indirect Subsidiaries
through SMPD
PT Mahkota Permata
Perdana (MKPP)
13
These consolidated financial statements are originally issued in the Indonesian language.
PT SUMMARECON AGUNG Tbk AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
As of December 31, 2016 and for the Year Then Ended
(Expressed in thousands of Indonesian Rupiah, unless otherwise stated)
1. GENERAL (continued)
d. Structure of the Company’s Subsidiaries (continued)
The Company had direct and indirect ownership in the following Subsidiaries (continued):
Name of Subsidiaries
Start of
Commercial
Operations
Percentage of Ownership (%)
December 31, 2016
December 31, 2015
Domicile
Principal Activity
Tangerang
a
-
100.00
100.00
Jakarta
a
-
51.00
51.00
PT Sinar Mahakam Indah
(SNMI)
Samarinda
a
-
83.77
83.77
PT Sinar Semesta Indah
(SNSI)
Tangerang
a
-
100.00
100.00
PT Wahyu Kurnia
Sejahtera (WYKS)
Jakarta
a
-
100.00
100.00
PT Kahuripan Jaya
Mandiri (KHJM)
Jakarta
a
-
51.00
51.00
PT Gunung Suwarna
Abadi (GNSA)
Jakarta
a
-
51.00
51.00
PT Taruna Maju Berkarya
(TRMB)
Jakarta
a
-
100.00
100.00
PT Gunung Srimala
Permai (GNSP)
Jakarta
a
-
51.00
51.00
PT Sunda Besar Properti
(SDBP)
Bandung
a
-
100.00
100.00
PT Maju Singa
Parahyangan (MJSP)
Bandung
a
-
100.00
100.00
PT Surya Mentari
Diptamas (SYMD)
Jakarta
a
-
51.00
51.00
PT Surya Menata
Elokjaya (SYME)
Jakarta
a
-
100.00
100.00
PT Kencana Jayaproperti
Agung (KCJA)
Jakarta
a
-
51.00
51.00
PT Kencana Jayaproperti
Mulia (KCJM)
Jakarta
a
-
51.00
51.00
Makassar
a
-
51.00
51.00
Jakarta
a
-
100.00
100.00
Makassar
a
-
100.00
100.00
Tangerang
c
2006
100.00
100.00
Jakarta
h
2007
100.00
100.00
Indirect Subsidiaries
through SMPD (continued)
PT Bumi Perintis Asri (BMPA)
PT Duta Sumara Abadi
(DTSA)
PT Sinergi Mutiara
Cemerlang (SGMC)
PT Sukmabumi Mahakam
Jaya (SBMJ)
PT Bintang Mentari Indah
(BNMI)
Indirect Subsidiaries
through SMIP
PT Lestari Mahadibya
(LTMD)
PT Summerville Property
Management (SVPM)
14
These consolidated financial statements are originally issued in the Indonesian language.
PT SUMMARECON AGUNG Tbk AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
As of December 31, 2016 and for the Year Then Ended
(Expressed in thousands of Indonesian Rupiah, unless otherwise stated)
1. GENERAL (continued)
d. Structure of the Company’s Subsidiaries (continued)
The Company had direct and indirect ownership in the following Subsidiaries (continued):
Name of Subsidiaries
Domicile
Principal Activity
Start of
Commercial
Operations
Percentage of Ownership (%)
December 31, 2016
December 31, 2015
Indirect Subsidiaries
through SMIP (continued)
PT Summarecon
Hotelindo (SMHO)
Jakarta
g
2010
100.00
100.00
PT Makmur Orient Jaya
(MKOJ)
Bekasi
c
2013
100.00
100.00
Tangerang
c
2013
100.00
100.00
PT Dunia Makmur
Properti (DNMP)
Jakarta
c
2015
100.00
100.00
PT Summarecon Bali Indah
(SMBI)
Jakarta
c
2016
100.00
100.00
PT Permata Jimbaran
Agung (PMJA)
Badung
c
2016
59.09
58.65
PT Pradana Jaya
Berniaga (PDJB)
Badung
b
2016
100.00
100.00
PT Seruni Persada
Indah (SRPI)
Jakarta
c
-
100.00
100.00
PT Bali Indah
Development (BLID)
Badung
c
-
100.00
100.00
PT Bali Indah Property
(BLIP)
Badung
c
-
100.00
100.00
PT Bukit Jimbaran Indah
(BKJI)
Badung
c
-
100.00
100.00
PT Bukit Permai Properti
(BKPP)
Badung
a
-
100.00
100.00
PT Hotelindo Permata
Jimbaran (HOPJ)
Badung
g
-
59.09
58.65
PT Nirwana Jaya
Semesta (NWJS)
Jakarta
g
-
100.00
100.00
PT Sadhana Bumi
Jayamas (SDBJ)
Jakarta
c
-
100.00
100.00
PT Sumber Pembangunan
Cemerlang (SBPC)
Jakarta
c
-
100.00
100.00
PT Unota Persada Jaya
(UNPS)
Jakarta
c
-
100.00
100.00
PT Java Orient Properti
(JVOP)
Yogyakarta
g
-
90.00
67.00
PT Mahakarya Buana Damai
(MKBD)
Bandung
c
-
100.00
100.00
PT Hotelindo Saribuana
Damai (HSBD)
Bandung
g
-
100.00
-
Yogyakarta
g
-
100.00
-
Jakarta
g
-
100.00
-
PT Kharisma Intan
Properti (KRIP)
PT Hotelindo Java
Properti (HIJP)
PT Hotelindo Cahaya
Gemilang (HICG)
15
These consolidated financial statements are originally issued in the Indonesian language.
PT SUMMARECON AGUNG Tbk AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
As of December 31, 2016 and for the Year Then Ended
(Expressed in thousands of Indonesian Rupiah, unless otherwise stated)
1. GENERAL (continued)
d. Structure of the Company’s Subsidiaries (continued)
The Company had direct and indirect ownership in the following Subsidiaries (continued):
Name of Subsidiaries
Domicile
Principal Activity
Start of
Commercial
Operations
Percentage of Ownership (%)
December 31, 2016
December 31, 2015
2010
100.00
100.00
2011
60.00
60.00
Indirect Subsidiaries
through SPCK
PT Serpong Tatanan
Kota (STTK)
Tangerang
PT Bhakti Karya Vita
(BTKV)
Tangerang
i
PT Jaya Bangun Abadi
(JYBA)
Tangerang
a
-
100.00
100.00
PT Permata Cahaya
Cemerlang (PMCC)
Tangerang
a
-
100.00
100.00
PT Surya Intan Properti
(SYIP)
Tangerang
a
-
100.00
100.00
PT Mahkota Berlian Indah
(MKBI)
Tangerang
a
-
100.00
100.00
PT Mahkota Permata Indah
(MKPI)
Tangerang
a
-
100.00
100.00
f
Notes on the principal activities of subsidiaries as of December 31, 2016:
a Property development
b Retail, food and beverages
c Investment property
d Gas station
e Education
f Town management
g Hotel
h Property management
i Hospital
j Trading
Name of Subsidiaries
Domicile
Principal Activity
Start of
Commercial
Operations
Total Assets Before Elimination
December 31, 2016
December 31, 2015
Direct Subsidiaries
PT Bahagia Makmursejati
(BHMS)
Jakarta
a
2003
18,189,267
17,695,584
PT Serpong Cipta Kreasi
(SPCK)
Tangerang
a
2004
5,953,177,002
5,222,076,076
PT Anugerah Damai Abadi
(AGDA)
Tangerang
b
2007
6,650,766
6,297,409
PT Gading Orchard (GDOR)
Jakarta
a
2008
47,224,825
120,596,541
PT Summarecon Property
Development (SMPD)
Jakarta
a
2012
5,547,460,807
4,718,459,919
PT Summarecon Investment
Property (SMIP)
Jakarta
c
2012
4,335,387,516
3,980,391,574
PT Multi Abadi Prima (MTAP)
Jakarta
d
2013
26,378,370
28,565,897
PT Bhakti Karya Sejahtera
(BTKS)
Jakarta
e
2013
88,020,097
92,288,952
PT Citra Damai Agung
(CTDA)
Jakarta
a
2014
39,400,479
40,216,263
PT Bhakti Karya Bangsa
(BTKB)
Jakarta
e
2016
7,303,636
-
16
These consolidated financial statements are originally issued in the Indonesian language.
PT SUMMARECON AGUNG Tbk AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
As of December 31, 2016 and for the Year Then Ended
(Expressed in thousands of Indonesian Rupiah, unless otherwise stated)
1. GENERAL (continued)
d. Structure of the Company’s Subsidiaries (continued)
The Company had direct and indirect ownership in the following Subsidiaries (continued):
Name of Subsidiaries
Domicile
Principal Activity
Start of
Commercial
Operations
Total Assets Before Elimination
December 31, 2016
December 31, 2015
Direct Subsidiaries (continued)
PT Java Investama Properti
(JVIP)
Jakarta
c
-
15,101,611
15,103,793
PT Sagraha Mitraloka Elok
(SGME)
Jakarta
j
-
478,484
-
PT Eskage Tatanan Kota
(EKTK)
Jakarta
f
2009
6,584,078
8,371,842
PT Bekasi Tatanan Kota
(BKTK)
Bekasi
f
2012
11,417,766
11,839,233
Bandung
a
2015
2,226,319,004
1,683,783,800
PT Maju Lestari Properti
(MJLP)
Jakarta
a
-
36,957,460
36,317,369
PT Inovasi Jaya Properti
(IVJP)
Jakarta
a
-
1,032,653,348
900,372,373
PT Mahkota Intan
Cemerlang (MKIC)
Jakarta
a
-
410,910,470
402,258,417
PT Banyumas Eka
Mandiri (BYEM)
Jakarta
a
-
280,028,472
277,852,825
PT Aruna Cahaya
Abadi (ARCA)
Jakarta
a
-
71,117,621
69,432,259
PT Selaras Maju
Mandiri (SLMM)
Jakarta
a
-
856,340,671
766,574,048
PT Orient City (ORCT)
Jakarta
a
-
2,782,553
3,199,235
Tangerang
a
-
62,511,730
58,717,865
Jakarta
a
-
312,180,872
295,317,465
PT Sinar Mahakam Indah
(SNMI)
Samarinda
a
-
37,418,975
37,210,604
PT Sinar Semesta Indah
(SNSI)
Tangerang
a
-
750,010
756,095
PT Wahyu Kurnia
Sejahtera (WYKS)
Jakarta
a
-
182,546,182
180,260,729
PT Kahuripan Jaya
Mandiri (KHJM)
Jakarta
a
-
49,662,328
48,137,943
PT Gunung Suwarna
Abadi (GNSA)
Jakarta
a
-
174,734,839
148,844,593
PT Taruna Maju
Berkarya (TRMB)
Jakarta
a
-
3,101,203
2,924,221
PT Gunung Srimala
Permai (GNSP)
Jakarta
a
-
152,291,572
64,392,710
Indirect Subsidiaries
through SMPD
PT Mahkota Permata
Perdana (MKPP)
PT Bumi Perintis
Asri (BMPA)
PT Duta Sumara Abadi
(DTSA)
17
These consolidated financial statements are originally issued in the Indonesian language.
PT SUMMARECON AGUNG Tbk AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
As of December 31, 2016 and for the Year Then Ended
(Expressed in thousands of Indonesian Rupiah, unless otherwise stated)
1. GENERAL (continued)
d. Structure of the Company’s Subsidiaries (continued)
The Company had direct and indirect ownership in the following Subsidiaries (continued):
Name of Subsidiaries
Domicile
Principal Activity
Start of
Commercial
Operations
Total Assets Before Elimination
December 31, 2016
December 31, 2015
Indirect Subsidiaries
through SMPD (continued)
PT Sunda Besar
Properti (SDBP)
Bandung
a
-
1,119,812
1,083,061
PT Maju Singa
Parahyangan (MJSP)
Bandung
a
-
1,119,744
1,082,994
PT Surya Mentari
Diptamas (SYMD)
Jakarta
a
-
2,778,293
2,622,161
PT Surya Menata
Elokjaya (SYME)
Jakarta
a
-
2,934,730
2,787,328
PT Kencana Jayaproperti
Agung (KCJA)
Jakarta
a
-
229,599,238
213,393,406
PT Kencana Jayaproperti
Mulia (KCJM)
Jakarta
a
-
188,563,549
188,378,548
Makassar
a
-
488,375,570
452,377,348
PT Sukmabumi Mahakam
Jaya (SBMJ)
Jakarta
a
-
990,465
992,679
PT Bintang Mentari Indah
(BNMI)
Makassar
a
-
213,232,474
158,737,969
PT Sinergi Mutiara
Cemerlang (SGMC)
Indirect Subsidiaries
through SMIP
PT Lestari Mahadibya
(LTMD)
Tangerang
c
2006
1,137,721,162
1,170,342,981
PT Summerville Property
Management (SVPM)
Jakarta
h
2007
4,651,019
4,039,522
PT Summarecon
Hotelindo (SMHO)
Jakarta
g
2010
132,343,615
140,116,350
PT Makmur Orient Jaya
(MKOJ)
Bekasi
c
2013
891,299,577
908,751,662
Tangerang
c
2013
205,116,390
209,529,494
PT Dunia Makmur
Properti (DNMP)
Jakarta
c
2015
117,943,045
123,266,103
PT Summarecon Bali Indah
(SMBI)
Jakarta
c
2016
1,344,744,240
989,392,642
PT Permata Jimbaran
Agung (PMJA)
Badung
c
2016
851,864,155
487,507,138
PT Pradana Jaya Berniaga
(PDJB)
Badung
b
2016
6,253,238
2,060,080
PT Seruni Persada
Indah (SRPI)
Jakarta
c
-
1,066,036
1,035,136
PT Bali Indah
Development (BLID)
Badung
c
-
179,839,539
185,780,903
PT Bali Indah Property
(BLIP)
Badung
c
-
3,769,608
3,792,032
PT Kharisma Intan
Properti (KRIP)
18
These consolidated financial statements are originally issued in the Indonesian language.
PT SUMMARECON AGUNG Tbk AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
As of December 31, 2016 and for the Year Then Ended
(Expressed in thousands of Indonesian Rupiah, unless otherwise stated)
1. GENERAL (continued)
d. Structure of the Company’s Subsidiaries (continued)
The Company had direct and indirect ownership in the following Subsidiaries (continued):
Name of Subsidiaries
Domicile
Principal Activity
Start of
Commercial
Operations
Total Assets Before Elimination
December 31, 2016
December 31, 2015
Indirect Subsidiaries
through SMIP (continued)
PT Bukit Jimbaran Indah
(BKJI)
Badung
c
-
613,522
613,267
PT Bukit Permai Properti
(BKPP)
Badung
a
-
484,276,216
483,661,929
PT Hotelindo Permata
Jimbaran (HOPJ)
Badung
g
-
332,267,222
106,706,633
PT Nirwana Jaya
Semesta (NWJS)
Jakarta
g
-
13,008,479
12,211,420
PT Sadhana Bumi
Jayamas (SDBJ)
Jakarta
c
-
81,503,517
81,655,279
c
-
1,048,159
1,032,788
PT Sumber Pembangunan
Cemerlang (SBPC)
Jakarta
PT Unota Persada Jaya
(UNPS)
Jakarta
c
-
146,036,435
145,438,142
PT Java Orient Properti
(JVOP)
Yogyakarta
g
-
150,900,844
113,419,542
PT Mahakarya Buana Damai
(MKBD)
Bandung
c
-
106,251,658
73,538,486
PT Hotelindo Saribuana
Damai (HSBD)
Bandung
g
-
250,000
-
Yogyakarta
g
-
250,000
-
Jakarta
g
-
250,000
-
PT Serpong Tatanan
Kota (STTK)
Tangerang
f
2010
49,775,911
36,026,256
PT Bhakti Karya Vita
(BTKV)
Tangerang
i
2011
65,509,098
73,367,566
PT Jaya Bangun Abadi
(JYBA)
Tangerang
a
-
90,480,232
90,624,545
PT Permata Cahaya
Cemerlang (PMCC)
Tangerang
a
-
335,300,627
340,695,347
PT Surya Intan Properti
(SYIP)
Tangerang
a
-
156,309,112
154,880,519
PT Mahkota Berlian Indah
(MKBI)
Tangerang
a
-
95,239,265
97,084,998
PT Mahkota Permata Indah
(MKPI)
Tangerang
a
-
83,713,611
83,241,175
PT Hotelindo Jaya Properti
(HIJP)
PT Hotelindo Cahaya
Gemilang (HICG)
Indirect Subsidiaries
through SPCK
Notes on the principal activities of subsidiaries as of December 31, 2016:
a Property development
b Retail, food and beverages
c Investment property
d Gas station
e Education
f Town management
g Hotel
h Property management
i Hospital
j Trading
19
These consolidated financial statements are originally issued in the Indonesian language.
PT SUMMARECON AGUNG Tbk AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
As of December 31, 2016 and for the Year Then Ended
(Expressed in thousands of Indonesian Rupiah, unless otherwise stated)
1. GENERAL (continued)
d. Structure of the Company’s Subsidiaries (continued)
In 2016, the Company established new direct Subsidiaries, which are BTKB and SGME and
established new indirect Subsidiaries through SMIP, which are HSBD, HIJP and HICG.
As of December 31, 2016, JVIP, SGME, MJLP, IVJP, MKIC, BYEM, ARCA, SLMM, ORCT, BMPA,
DTSA, SNMI, SNSI, WYKS, KHJM, GNSA, TRMB, GNSP, SDBP, MJSP, SYMD, SYME, KCJA,
KCJM, SGMC, SBMJ, BNMI, SRPI, BLID, BLIP, BKJI, BKPP, HOPJ, NWJS, SDBJ, SBPC, UNPS,
JVOP, MKBD, HSBD, HIJP, HICG, JYBA, PMCC, SYIP, MKBI and MKPI have not started
commercial operations.
e. Changes in Capital Structure of the Subsidiaries
PT Bahagia Makmur Sejati (BHMS)
In December 2015, BHMS shareholders decided to decrease its issued and fully paid capital stock
from Rp16,340,000 to Rp6,340,000 with par value of Rp1,000 (full amount) per share. The
Company subscribed for all the decrease of 10,000,000 shares for Rp10,000,000. The Company’s
ownership in BHMS remains at 99.99% and Liliawati Rahardjo at 0.01% after the decrease. The
decrease in issued and fully paid capital stock was notarized under deed No. 49 dated
December 15, 2015 of Dewi Himijati Tandika, S.H., which was acknowledged and recorded by the
MLHR in its Decision Letter No. AHU-0003922.AH.01.02. Year 2016 dated February 29, 2016.
PT Gading Orchard (GDOR)
In December 2015, GDOR shareholders decided to decrease its issued and fully paid capital stock
from Rp123,695,270 to Rp103,695,155 with par value of Rp9,145,000 (full amount) per share. The
Company subscribed for all the decrease of 2,187 shares for Rp20,000,115. The Company’s
ownership in GDOR remains at 99.99% and BHMS at 0.01% after the decrease. The decrease in
issued and fully paid capital stock was notarized under deed No. 50 dated December 15, 2015 of
Dewi Himijati Tandika, S.H., which was acknowledged and recorded by the MLHR in its Decision
Letter No. AHU-0003921.AH.01.02. Year 2016 dated February 29, 2016.
In December 2016, GDOR shareholders decided to decrease its authorized capital from
Rp411,525,000 to Rp125,286,500 and issued and paid-in capital from Rp103,695,155 to
Rp31,321,625 with par value of Rp9,145,000 (full amount) per share. The Company subscribed for
all the decrease of 7,914 shares for Rp72,373,530. After the decrease, the ownership percentage
for the Company is 99.97% and for BHMS is 0.03%. The decrease in authorized and issued and
fully paid capital stock was notarized under deed No. 45 dated December 13, 2016 of Dewi
Himijati Tandika, S.H., which was acknowledged and recorded by the MLHR in its Decision Letter
No. AHU-0000713.AH.01.02. Year 2017 dated January 12, 2017.
PT Summarecon Property Development (SMPD)
In December 2015, SMPD increased its issued and fully paid capital stock from Rp3,238,115,247
to Rp3,819,386,900 with par value of Rp1,000 (full amount) per share. The Company subscribed
for all the increase of 581,271,653 shares for Rp581,271,653. The increase in issued and fully paid
capital stock was notarized under deed No. 88 dated December 18, 2015 of Dewi Himijati
Tandika, S.H., which was acknowledged and recorded by the MLHR in its Decision Letter
No. AHU-AH.01.03-0003356. Year 2016 dated January 15, 2016.
In December 2016, SMPD increased its issued and fully paid capital stock from Rp3,819,386,900
to Rp4,029,258,900 with par value of Rp1,000 (full amount) per share. The Company subscribed
for all the increase of 209,872,000 shares for Rp209,872,000. The increase in issued and fully paid
capital stock was notarized under deed No. 97 dated December 16, 2016 of Dewi Himijati
Tandika, S.H., which was acknowledged and recorded by the MLHR in its Decision Letter
No. AHU-AH.01.03-0011899. Year 2017 dated January 12, 2017.
20
These consolidated financial statements are originally issued in the Indonesian language.
PT SUMMARECON AGUNG Tbk AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
As of December 31, 2016 and for the Year Then Ended
(Expressed in thousands of Indonesian Rupiah, unless otherwise stated)
1. GENERAL (continued)
e. Changes in Capital Structure of the Subsidiaries (continued)
PT Summarecon Investment Property (SMIP)
In December 2015, SMIP increased its issued and fully paid capital stock from Rp1,701,681,639 to
Rp2,185,387,340 with par value of Rp1,000 (full amount) per share. The Company subscribed for
all the increase of 483,705,701 shares for Rp483,705,701. The increase in issued and fully paid
capital stock was notarized under deed No. 89 dated December 18, 2015 of
Dewi Himijati Tandika, S.H., which was acknowledged and recorded by the MLHR in its Decision
Letter No. AHU-AH.01.03.0003358. Year 2016 dated January 15, 2016.
In December 2016, SMIP increased its issued and fully paid capital stock from Rp2,185,387,340 to
Rp2,454,162,470 with par value of Rp1,000 (full amount) per share. The Company subscribed for
all the increase of 268,775,130 shares for Rp268,775,130. The increase in fully paid capital stock
was notarized under deed No. 95 dated December 16, 2016 of Dewi Himikati Tandika, S.H., which
was acknowledged and recorded by the MLHR in its Decision Letter No. AHU-AH.01.03-0011752.
Year 2017 dated January 12, 2017.
PT Multi Abadi Prima (MTAP)
In December 2015, MTAP shareholders decided to decrease its issued and fully paid capital stock
from Rp27,721,000 to Rp17,721,000 with par value of Rp1,000 (full amount) per share. The
Company subscribed for all the decrease of 10,000,000 shares for Rp10,000,000. The Company’s
ownership in MTAP remains at 99.99% and BHMS at 0.01% after the decrease. The decrease in
issued and fully paid capital stock was notarized under deed No. 52 dated December 15, 2015 of
Dewi Himijati Tandika, S.H. which was acknowledged and recorded by the MLHR in its Decision
Letter No. AHU-0003917.AH.01.02. Year 2016 dated February 29, 2016.
PT Bhakti Karya Sejahtera (BTKS)
In December 2015, BTKS increased its authorized capital from Rp100,000,000 to Rp200,000,000
and its issued and fully paid capital stock from Rp74,833,000 to Rp97,250,000 with par value of
Rp1,000 (full amount) per share. The Company subscribed for all the increase of 22,417,000
shares for Rp22,417,000. The increase in issued and fully paid capital stock was notarized under
deed No. 90 dated December 18, 2015 of Dewi Himijati Tandika, S.H. which was acknowledged
and recorded by the MLHR in its Decision Letter No. AHU-AH.01.03-0003371. Year 2016 and
No. AHU-0000838.AH.01.02. Year 2016 dated January 15, 2016.
In December 2016, BTKS increased its issued and fully paid capital stock from Rp97,250,000 to
Rp99,023,000 with par value of Rp1,000 (full amount) per share. The Company subscribed for all
the increase of 1,773,000 shares for Rp1,773,000. The increase in issued and fully paid capital
stock was notarized under deed No. 96 dated December 16, 2016 of Dewi Himijati Tandika, S.H.,
which was acknowledged and recorded by the MLHR in its Decision Letter
No. AHU-AH.01.03-0011824. Year 2017 dated January 12, 2017.
PT Citra Damai Agung (CTDA)
In December 2015, CTDA shareholders decreased its issued and fully paid capital stock from
Rp110,000,000 to Rp30,000,000 with par value of Rp1,000 (full amount) per share. The Company
subscribed for all the decrease of 80,000,000 shares for Rp80,000,000. The Company’s ownership
in CTDA remains at 99.99% and BHMS at 0.01% after the decrease. The decrease in issued and
fully paid capital stock was notarized under deed No. 51 dated December 15, 2015 of Dewi
Himijati Tandika, S.H., which was acknowledged and recorded by the MLHR in its Decision Letter
No. AHU-0003918.AH.01.02. Year 2016 dated February 29, 2016.
21
These consolidated financial statements are originally issued in the Indonesian language.
PT SUMMARECON AGUNG Tbk AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
As of December 31, 2016 and for the Year Then Ended
(Expressed in thousands of Indonesian Rupiah, unless otherwise stated)
1. GENERAL (continued)
e. Changes in Capital Structure of the Subsidiaries (continued)
PT Bhakti Karya Bangsa (BTKB)
On July 20, 2016, BTKB was established with authorized capital amounting to Rp30,000,000 and
issued and fully paid capital stock amounting to Rp7,500,000. The Company acquired 6,000,000
shares amounting to Rp6,000,000 with par value of Rp1,000 (full amount) per share representing
80.00% ownership. The remaining 1,500,000 shares amounting to Rp1,500,000 representing 20%
ownership is acquired by Sudino. The establishment was notarized under deed No. 8 dated
July 20, 2016 of Dewi Himijati Tandika, S.H., which was acknowledged and recorded by the MLHR
in its Decision Letter No. AHU-0032876.AH.01.01. Year 2016 dated July 21, 2016 and was
published in the State Gazette Republic of Indonesia No. 71, Supplement No. 74971 dated
September 6, 2016.
PT Java Investama Properti (JVIP)
On March 23, 2015, SRPI sold its ownership to JVIP as much as 999,999 shares with par value of
Rp1,000 (full amount) per share, representing 99.9999% ownership to the Company. The
percentage of ownership in JVIP for the Company becomes 99.99% while SRPI own none. The
difference between the selling price and net book value of Rp1,794 has been eliminated from the
consolidated statement of financial position. It was notarized under deed No. 79 of
Dra. Rr. Hariyanti Poerbiantari, S.H., M.Kn., which was acknowledged and recorded by the MLHR
in its Decision Letter No. AHU-AH.01.03-0020392. Year 2015 dated March 31, 2015.
PT Sagraha Mitraloka Elok (SGME)
On October 13, 2016, SGME was established with authorized capital amounting to Rp2,000,000,
issued and fully paid capital stock amounting to Rp500,000. The Company acquired 499,999
shares amounting to Rp499,999 with par value of Rp1,000 (full amount) per share representing
99.99% ownership. The remaining 1 share amounting to Rp1 representing 0.01% is acquired by
BHMS. The establishment was notarized under deed No. 30 dated October 13, 2016 of Dewi
Himijati Tandika, S.H., which was acknowledged and recorded by the MLHR in its Decision Letter
No. AHU-0046358.AH.01.01. Year 2016 dated October 19, 2016. Until the date of the approval
and ratification of the consolidated financial statements issuance, the publication in the State
Gazette Republic of Indonesia is still in the process.
PT Eskage Tatanan Kota (EKTK)
In December 2015, EKTK increased its issued and fully paid capital stock from Rp22,375,970 to
Rp24,583,970 with par value of Rp1,000 (full amount) per share. SMPD subscribed for all the
increase of 2,208,000 shares for Rp2,208,000. The increase in issued and fully paid capital stock
was notarized under deed No. 80 dated December 17, 2015 of Dewi Himijati Tandika, S.H., which
was acknowledged and recorded by the MLHR in its Decision Letter No. AHU-AH.01.03-0003240.
Year 2016 dated January 15, 2016.
22
These consolidated financial statements are originally issued in the Indonesian language.
PT SUMMARECON AGUNG Tbk AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
As of December 31, 2016 and for the Year Then Ended
(Expressed in thousands of Indonesian Rupiah, unless otherwise stated)
1. GENERAL (continued)
e. Changes in Capital Structure of the Subsidiaries (continued)
PT Eskage Tatanan Kota (EKTK) (continued)
In December 2016, EKTK increased its issued and fully paid capital stock from Rp24,583,970 to
Rp27,304,970 with par value of Rp1,000 (full amount) per share. SMPD subscribed for all the
increase of 2,721,000 shares for Rp2,721,000. The increase in issued and fully paid capital stock
was notarized under deed No. 92 dated December 16, 2016 of Dewi Himijati
and it s Subsidiaries
Consolidated financial statements
as of December 31, 2016 and for the year then ended
with independent auditors’ report
These consolidated financial statements are originally issued in the Indonesian language.
PT SUMMARECON AGUNG Tbk AND ITS SUBSIDIARIES
CONSOLIDATED FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2016 AND FOR THE YEAR THEN ENDED
WITH INDEPENDENT AUDITORS’ REPORT
Table of Contents
Page
The Board of Directors’ Statement
Independent Auditors’ Report
Consolidated Statement of Financial Position .......................................................................................
1-3
Consolidated Statement of Profit or Loss and Other Comprehensive Income......................................
4-5
Consolidated Statement of Changes in Equity ......................................................................................
6-7
Consolidated Statement of Cash Flows ................................................................................................
8-9
Notes to the Consolidated Financial Statements .................................................................................. 10-125
**************************
These consolidated financial statements are originally issued in the Indonesian language.
PT SUMMARECON AGUNG Tbk AND ITS SUBSIDIARIES
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
As of December 31, 2016
(Expressed in thousands of Indonesian Rupiah, unless otherwise stated)
Notes
December 31, 2016
December 31, 2015
2,076,201,416
1,503,546,080
28,391,713
510,695,474
9,223,228
3,786,531
142,134,750
6,114,753
5,531,046,712
202,800,881
34,529,606
305,821,412
106,644
4,924,806,927
250,754,658
35,131,972
423,302,020
103,829
8,698,817,086
7,289,681,520
10,794,659
28,720,906
347,067
66,041,843
6,157,514,444
512,064,525
347,067
55,749,280
5,737,443,704
660,130,972
451,343,312
420,472,052
4,486,693,698
10,218,110
4,311,751,806
15,929,958
226,775,487
160,988,520
99,005,586
167,750,077
Total non-current assets
12,111,502,571
11,468,580,502
TOTAL ASSETS
20,810,319,657
18,758,262,022
ASSETS
CURRENT ASSETS
Cash and cash equivalents
Trade receivables
Related parties
Third parties
Other receivables
Inventories
Prepaid taxes
Prepaid expenses
Advance payments
Other current financial assets
2d,2r,2u,4,
33,34
2l,2u,5,
14,34
2f,32
2u,6,34
2g,2m,
2n,7,14
2t,19a
2h,8
10
2u,13,34
Total current assets
NON-CURRENT ASSETS
Trade receivables
Related party
Third party
Other receivables
Due from related parties
Undeveloped land
Advance payments
Fixed assets
Investment properties
Deferred tax assets
Other non-current financial assets
Other non-current assets
2l,2u,5
14,34
2f,32
2u,6,34
2f,2u,32,34
2i,9,14,15
10
2j,2m,2n,
11,14
2k,2l,2m,2n,
12,14,15
2t,19f
2d,2e,2u,
13,14,34
The accompanying notes form an integral part of these consolidated financial statements.
1
These consolidated financial statements are originally issued in the Indonesian language.
PT SUMMARECON AGUNG Tbk AND ITS SUBSIDIARIES
CONSOLIDATED STATEMENT OF FINANCIAL POSITION (continued)
As of December 31, 2016
(Expressed in thousands of Indonesian Rupiah, unless otherwise stated)
Notes
December 31, 2016
December 31, 2015
1,040,798,732
808,553,471
57,614,375
63,006,515
231,571,989
79,512,731
264,562,084
-
1,515,289,485
45,773,975
1,697,306,503
39,643,616
19,125,408
6,485,405
206,336
553,150,011
119,690
1,077,496,769
312,817,434
2,065
277,629,533
361,511,052
174,880,393
4,217,371,528
4,409,686,044
3,542,370,341
2,481,961,543
4,076,542
-
2,738,013,302
2,476,372,934
14,471,483
2,765,597
113,614,609
119,190,420
10,362,320
2,199,026,889
60,846,896
12,842,452
2,291,052
8,280,618
1,380,234,364
62,004,533
16,342,450
1,150,363
8,427,392,644
6,818,826,064
12,644,764,172
11,228,512,108
LIABILITIES AND EQUITY
CURRENT LIABILITIES
Short-term bank loans
Trade payables to third parties
Other payables
Due to related party
Accrued expenses
Taxes payable
Liability for short-term employee
benefits
Downpayments received and
security deposits
Related parties
Third parties
Unearned revenues
Related parties
Third parties
Current maturities of long-term
debts:
Loans from banks and
financing institutions
2r,2u,14,
33,34
2r,2u,16,
33,34
2r,2u,17,
33,34
2f,2u,32,34
2r,2u
18,33,34
2t,19b
2q,2u,20,34
2l,2u,21,34
2f,32
2l,2p,22
2f,32
2u,14,34
2r,33
Total current liabilities
NON-CURRENT LIABILITIES
Long-term debts - net of current
maturities:
Loans from banks and
financing institutions
Bonds payable and sukuk ijarah
Other payables
Due to related parties
Liability for long-term employee
benefits
Downpayments received and
security deposits
Related parties
Third parties
Unearned revenues
Other non-current financial liabilities
Deferred tax liabilities
2u,14,34
2r,33
2u,2y,15,34
2u,17,33,34
2f,2u,32,34
2q,20
2l,2u,21,34
2f,32
2l,2p,22
2u,34
2t,19f
Total non-current liabilities
TOTAL LIABILITIES
The accompanying notes form an integral part of these consolidated financial statements.
2
These consolidated financial statements are originally issued in the Indonesian language.
PT SUMMARECON AGUNG Tbk AND ITS SUBSIDIARIES
CONSOLIDATED STATEMENT OF FINANCIAL POSITION (continued)
As of December 31, 2016
(Expressed in thousands of Indonesian Rupiah, unless otherwise stated)
Notes
December 31, 2016
December 31, 2015
1,442,678,168
22,996,315
1,442,678,168
22,996,315
1,557,398
1,773,189
93,698,522
4,682,027,841
82,534,109
4,462,831,991
6,242,958,244
1,922,597,241
6,012,813,772
1,516,936,142
8,165,555,485
7,529,749,914
20,810,319,657
18,758,262,022
EQUITY
Equity Attributable to
Owners of the
Parent Entity
Capital stock
Authorized - 25,000,000,000
shares at par value
of Rp100 (full amount)
per share
Issued and fully paid 14,426,781,680 shares
Additional paid-in capital
Differences from transactions
with Non-controlling interests
Retained earnings
Appropriated - general reserve
Unappropriated
Total Equity Attributable to Owners
of the Parent Entity
Non-controlling Interests
1b,24
1b,2o,2x,25
1e,2c
26
2c,23
TOTAL EQUITY
TOTAL LIABILITIES AND EQUITY
The accompanying notes form an integral part of these consolidated financial statements.
3
These consolidated financial statements are originally issued in the Indonesian language.
PT SUMMARECON AGUNG Tbk AND ITS SUBSIDIARIES
CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
For the Year Ended December 31, 2016
(Expressed in thousands of Indonesian Rupiah, unless otherwise stated)
Year ended December 31,
Notes
NET REVENUES
COST OF SALES AND DIRECT COSTS
5,397,948,907
5,623,560,624
2p,29
(2,799,538,204)
(2,716,755,658)
2,598,410,703
2,906,804,966
2p,30
2p,30
INCOME FROM OPERATIONS
31
PROFIT BEFORE FINAL TAX
AND INCOME TAX EXPENSE
101,097,479
(633,527,946)
877,504,997
2t,19d,19g
PROFIT BEFORE INCOME TAX EXPENSE
INCOME TAX EXPENSE - Net
(348,970,044)
(840,502,532)
4,429,154
(3,431,817)
1,409,935,464
Finance income
Finance costs
FINAL TAX EXPENSE
2015
2f,2p,28,32
GROSS PROFIT
Selling expenses
General and administrative expenses
Other operating income
Other operating expenses
2016
(261,365,173)
616,139,824
2t,19d
PROFIT FOR THE YEAR
(11,088,966)
605,050,858
(258,296,059)
(880,878,969)
29,030,496
(5,263,019)
1,791,397,415
74,279,112
(483,493,607)
1,382,182,920
(316,174,047)
1,066,008,873
(1,928,934)
1,064,079,939
OTHER COMPREHENSIVE INCOME
(EXPENSE)
Items that will not be reclassified to
profit or loss in subsequent periods:
Gain (loss) on employee benefits liability
2q,20
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR
PROFIT FOR THE YEAR
ATTRIBUTABLE TO:
Owners of the Parent Entity
Non-controlling Interests
2c,23
NET
(9,171,644)
595,879,214
1,086,441,281
311,665,815
293,385,043
855,185,525
208,894,414
605,050,858
1,064,079,939
The accompanying notes form an integral part of these consolidated financial statements.
4
22,361,342
These consolidated financial statements are originally issued in the Indonesian language.
PT SUMMARECON AGUNG Tbk AND ITS SUBSIDIARIES
CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND
OTHER COMPREHENSIVE INCOME (continued)
For the Year Ended December 31, 2016
(Expressed in thousands of Indonesian Rupiah, unless otherwise stated)
Year ended December 31,
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR ATTRIBUTABLE TO:
Owners of the Parent Entity
Non-controlling Interests
Notes
2016
2015
2c,23
302,494,171
293,385,043
877,546,867
208,894,414
595,879,214
1,086,441,281
21.60
59.28
NET
EARNINGS PER SHARE
ATTRIBUTABLE TO OWNERS OF
THE PARENT ENTITY (full amount)
2v,24,39
The accompanying notes form an integral part of these consolidated financial statements.
5
These consolidated financial statements are originally issued in the Indonesian language.
PT SUMMARECON AGUNG Tbk AND ITS SUBSIDIARIES
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
For the Year Ended December 31, 2016
(Expressed in thousands of Indonesian Rupiah, unless otherwise stated)
Equity Attributable to Owners of the Parent Entity
Notes
Balance as of January 1, 2015
Issued and
fully paid
capital stock
Differences from
transactions with
Non-controlling
interests
Additional
paid-in
capital
Retained earnings
Appropriated reserve fund
Unappropriated
1,442,678,168
22,996,315
1,511,269
68,658,940
Non-controlling
Interests
Total
3,887,695,926
5,423,540,618
992,915,338
6,416,455,956
-
-
-
-
3,000,000
3,000,000
Appropriation for general reserve
26
-
-
-
13,875,169
Deposits for future stock subscription
23
-
-
-
-
Cash dividend
27
-
-
-
-
(288,535,633 )
(288,535,633)
-
-
-
-
877,546,867
877,546,867
208,894,414
1,086,441,281
Total comprehensive income for the year
(13,875,169 )
Total
Equity
-
-
(288,535,633 )
Non-controlling interests arising from
acquisition of subsidiaries
1e
-
-
-
-
-
-
155,425,043
155,425,043
Capital stock increase paid by
Non-controlling Interest
23
-
-
-
-
-
-
153,785,043
153,785,043
Sale of ownership to Non-controlling
Interest in subsidiaries
1e
-
-
261,920
-
-
261,920
2,874,980
3,136,900
Changes in Non-controlling Interest
-
-
-
-
-
-
41,324
41,324
Balance as of December 31, 2015
1,442,678,168
22,996,315
1,773,189
82,534,109
4,462,831,991
6,012,813,772
1,516,936,142
7,529,749,914
The accompanying notes form an integral part of these consolidated financial statements.
6
These consolidated financial statements are originally issued in the Indonesian language.
PT SUMMARECON AGUNG Tbk AND ITS SUBSIDIARIES
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (continued)
For the Year Ended December 31, 2016
(Expressed in thousands of Indonesian Rupiah, unless otherwise stated)
Equity Attributable to Owners of the Parent Entity
Notes
Balance as of December 31, 2015
Issued and
fully paid
capital stock
Differences from
transactions with
Non-controlling
interests
Additional
paid-in
capital
Retained earnings
Appropriated reserve fund
Unappropriated
1,442,678,168
22,996,315
1,773,189
82,534,109
Non-controlling
Interests
Total
4,462,831,991
Total
Equity
6,012,813,772
1,516,936,142
7,529,749,914
-
-
-
Appropriation for general reserve
26
-
-
-
11,164,413
(11,164,413)
Cash dividend
27
-
-
-
-
(72,133,908)
-
-
-
-
302,494,171
302,494,171
293,385,043
595,879,214
23
-
-
-
-
-
-
131,260,265
131,260,265
1e,23
-
-
-
-
-
-
1,500,000
1,500,000
1e
-
-
-
-
(20,484,209)
(20,700,000)
1,442,678,168
22,996,315
93,698,522
4,682,027,841
Total comprehensive income for the year
Capital stock increase paid by
Non-controlling Interest
Capital contributon paid by Non-controlling
interest in subsidiaries
Acquisition of Non-controlling interest
in subsidiaries
Balance as of December 31, 2016
(215,791)
1,557,398
The accompanying notes form an integral part of these consolidated financial statements.
7
(72,133,908)
(215,791)
6,242,958,244
-
1,922,597,241
(72,133,908)
8,165,555,485
These consolidated financial statements are originally issued in the Indonesian language.
PT SUMMARECON AGUNG Tbk AND ITS SUBSIDIARIES
CONSOLIDATED STATEMENT OF CASH FLOWS
For the Year Ended December 31, 2016
(Expressed in thousands of Indonesian Rupiah)
Year ended December 31,
Notes
CASH FLOWS FROM OPERATING
ACTIVITIES
Cash receipts from customers
Receipts of interest income
Cash payments to:
Suppliers and for other operating expenses
Employees
Payments of:
Interest expense
Final tax
Income taxes
Net cash provided by (used in)
operating activities
CASH FLOWS FROM INVESTING
ACTIVITIES
Proceeds from sale of fixed assets
and investment properties
Acquisitions of undeveloped land
Acquisitions of fixed assets and
investment properties
Collection of (payments for)
amounts due from related parties
Acquisition of subsidiaries, less cash
acquired from subsidiaries
2016
2015
5,159,749,322
98,806,398
4,236,706,250
72,856,828
(3,819,025,663)
(495,122,874)
(3,040,923,759)
(567,478,244)
(576,404,598)
(288,938,512)
(7,989,890)
(486,365,874)
(226,579,826)
(8,900,546)
71,074,183
(20,685,171)
11
2,066,616
(399,556,671)
3,431,387
(1,320,036,462)
11,12
(391,365,862)
(590,237,715)
32
(10,292,563)
48,418,103
-
Net cash used in investing activities
(799,148,480)
CASH FLOWS FROM FINANCING
ACTIVITIES
Proceeds of bank loans
Capital contribution from non-controlling interests
in subsidiaries
Receipt of (Payment for) due to related parties
Receipt of other payables
Drawdown of (placement for) restricted time deposits
Repayment of bank loans and
financing institutions
Cash dividends paid by the Company
Payment for other payables
Payment of acquisition of non-controlling interests
in subsidiaries
Proceeds from sale of ownership in subsidiaries
to non-controlling interest
Proceeds from bonds and sukuk ijarah issuance
Net cash provided by financing activities
2,241,368,922
132,760,265
76,747,134
26,274,606
2,058,187
(1,018,000,579)
(72,005,559)
(67,773,343)
(20,700,000)
(1,906,649,181)
2,062,422,355
159,701,349
(50,948,859)
41,498,737
(464,876)
(1,059,790,260)
(288,077,886)
-
-
3,136,900
792,621,928
1,300,729,633
1,660,099,388
The accompanying notes form an integral part of these consolidated financial statements.
8
(48,224,494)
These consolidated financial statements are originally issued in the Indonesian language.
PT SUMMARECON AGUNG Tbk AND ITS SUBSIDIARIES
CONSOLIDATED STATEMENT OF CASH FLOWS (continued)
For the Year Ended December 31, 2016
(Expressed in thousands of Indonesian Rupiah)
Year ended December 31,
Notes
NET INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS
2016
572,655,336
2015
(267,234,964)
CASH AND CASH EQUIVALENTS
AT BEGINNING OF YEAR
4
1,503,546,080
1,770,781,044
CASH AND CASH EQUIVALENTS
AT END OF YEAR
4
2,076,201,416
1,503,546,080
Supplementary information on non-cash activities is presented in Note 40.
The accompanying notes form an integral part of these consolidated financial statements.
9
These consolidated financial statements are originally issued in the Indonesian language.
PT SUMMARECON AGUNG Tbk AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
As of December 31, 2016 and for the Year Then Ended
(Expressed in thousands of Indonesian Rupiah, unless otherwise stated)
1. GENERAL
a. The Company’s Establishment
PT Summarecon Agung Tbk (the “Company”) was established within the framework of the
Domestic Capital Investment Law based on notarial deed No. 308 dated November 26, 1975 of
Ridwan Suselo, S.H. The Company’s articles of association was approved by the Ministry of
Justice in its Decision Letter No. YA 5/344/6 dated July 12, 1977 and was published in the State
Gazette Republic of Indonesia No. 79, dated October 4, 1977, Supplement No. 597. The articles of
association has been amended from time to time, the latest amendment of which was notarized
under deed No. 29 dated June 10, 2015 of Fathiah Helmi S.H., concerning the changes of
Company’s articles of association in compliance with Indonesian Financial Service Authority
No. 32/POJK.04/2014 and approving 5 (five) year tenure of Directors and Commisioners. The
amendment was acknowledged and recorded by the Ministry of Law and Human Rights of the
Republic of Indonesia (“MLHR”) in its Decision Letter No.AHU-AH.01.03-0948173 dated
July 3, 2015.
According to Article 3 of the Company’s articles of association, its scope of activities comprises
real estate development including the related supporting facilities, service and trading. Currently,
the Company carries business in the sale or rental of real estate, shopping centers, and office
facilities along with related facilities and infrastructures.
The Company is domiciled in East Jakarta, and its head office is located at Plaza Summarecon,
Jl. Perintis Kemerdekaan No. 42, Jakarta.
The Company started commercial operations in 1976.
PT Semarop Agung is the ultimate parent entity of the Company and its subsidiaries (hereafter
collectively referred to as the “Group”).
b. The Company’s Public Offerings
The Chairman of the Capital Market and Financial Institutions Supervisory Agency
(“BAPEPAM-LK”), through his letter No. SI-085/SHM/MK.10/1990 dated March 1, 1990, declared
effective at that date, the offering of 6,667,000 Company’s shares with a par value of Rp1,000 (full
amount) per share to the public at an offering price of Rp6,800 (full amount) per share. The
Company listed all its issued shares on the Jakarta Stock Exchange on August 14, 1996.
Based on the minutes of the Stockholders’ Extraordinary General Meeting (“EGM”) which were
notarized under deed No. 1 dated July 1, 1996 of Sutjipto, S.H., the stockholders approved the
reduction in the par value of the Company’s shares from Rp1,000 (full amount) to Rp500
(full amount) per share. The amendment was acknowledged and recorded by the Ministry of
Justice in its Decision Letter No. C2.9225.HT.01.04.TH.96 dated September 27, 1996.
Based on the minutes of the EGM which were notarized under deed No. 100 dated June 21, 2002
of Sutjipto, S.H., the stockholders approved the reduction in the par value of the Company’s
shares from Rp500 (full amount) to Rp100 (full amount) per share. The amendment was
acknowledged and recorded by the MLHR in its Decision Letter No. C-12844 HT.01.04.TH.2002
dated July 12, 2002.
10
These consolidated financial statements are originally issued in the Indonesian language.
PT SUMMARECON AGUNG Tbk AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
As of December 31, 2016 and for the Year Then Ended
(Expressed in thousands of Indonesian Rupiah, unless otherwise stated)
1. GENERAL (continued)
b. The Company’s Public Offerings (continued)
In 2005, the Company issued additional 93,676,000 shares with a par value of Rp100 (full amount)
per share which were issued for and fully paid by Valence Asset Limited, British Virgin Islands, at
an offering price of Rp775 (full amount) per share. The Company listed all the additional shares
issued on the Jakarta Stock Exchange on November 17, 2005. This increase in the issued and
fully paid capital stock was made under BAPEPAM-LK Regulation No. IX.D.4., Attachment to the
Chairman of BAPEPAM-LK Decision No. Kep-44/PM/1998 dated August 14, 1998 regarding
additional shares issuance without Pre-Emptive Rights.
In 2006, the Company distributed 786,881,920 bonus shares with a par value of Rp100 (full
amount) per share.
On August 28, 2007, the Company’s Registration Statement to offer its First Limited Public
Offering of Rights to the Stockholders with the Issuance of Pre-emptive Rights, totaling
459,014,453 new shares and a maximum of 229,507,226 Series I Warrants was declared
effective. The Company listed all such new shares on the Indonesia Stock Exchange.
In June 2008, the Company distributed 3,217,893,796 bonus shares with a par value of Rp100
(full amount) per share.
In June 2010 and December 2009, a total of 436,340,202 and 1,013,046 Series I Warrants were
exercised.
In 2012, the Company issued 340,250,000 new shares with a nominal value of Rp100 (full
amount) per share through the issuance of capital stock without pre-emptive rights phase I with
minimum exercise price of Rp1,550 (full amount) per share, increasing the Company's issued and
fully paid capital stock from 6,873,140,840 shares to 7,213,390,840 shares.
Based on the minutes of the EGM held on June 5, 2013 which were covered by notarial deed
No. 21 of Fathiah Helmi, S.H., the stockholders approved the distribution of bonus shares through
the capitalization of additional paid-in capital amounting to Rp721,339,084 whereby each
outstanding share received 1 bonus share. As a result, the issued and fully paid capital stock
increased from Rp721,339,084 to Rp1,442,678,168. The distribution of the bonus shares was
conducted on July 15, 2013.
c. Board of Commissioners, Directors, Audit Committee and Employees
The composition of the Company's Board
December 31, 2016 and 2015 was as follows:
Board of Commissioners
President Commissioner
Commissioner
Independent Commissioner
Independent Commissioner
: Soetjipto Nagaria
: Harto Djojo Nagaria
: H. Edi Darnadi
: Esther Melyani Homan
11
of
Commissioners
and
Board of Directors
President Director
Director
Director
Director
Director
Director
Director
Independent Director
:
:
:
:
:
:
:
:
Directors
as
of
Adrianto Pitoyo Adhi
Lexy Arie Tumiwa
Liliawati Rahardjo
Soegianto Nagaria
Herman Nagaria
Yong King Ching
Sharif Benyamin
Ge Lilies Yamin
These consolidated financial statements are originally issued in the Indonesian language.
PT SUMMARECON AGUNG Tbk AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
As of December 31, 2016 and for the Year Then Ended
(Expressed in thousands of Indonesian Rupiah, unless otherwise stated)
1. GENERAL (continued)
c. Board of Commissioners, Directors, Audit Committee and Employees (continued)
The composition of the Company’s Audit Committee as of December 31, 2016 and 2015 was as
follows:
Chairman
Member
Member
: H. Edi Darnadi
: Leo Andi Mancianno
: Neneng Martini
The total amount of gross compensation for the key management of the Company was as follows:
Year ended December 31,
2016
2015
Commissioners:
Short-term employee benefits
Post-employment benefits
13,631,735
-
21,443,969
2,228,473
Sub-total
13,631,735
23,672,442
Directors:
Short-term employee benefits
Post-employment benefits
27,676,293
558,977
48,345,145
734,637
Sub-total
28,235,270
49,079,782
Total
41,867,005
72,752,224
The Group had 2,371 and 2,318 permanent employees (unaudited) as of December 31, 2016 and
2015, respectively.
12
These consolidated financial statements are originally issued in the Indonesian language.
PT SUMMARECON AGUNG Tbk AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
As of December 31, 2016 and for the Year Then Ended
(Expressed in thousands of Indonesian Rupiah, unless otherwise stated)
1. GENERAL (continued)
d. Structure of the Company’s Subsidiaries
The Company had direct and indirect ownership in the following Subsidiaries:
Name of Subsidiaries
Domicile
Principal Activity
Start of
Commercial
Operations
Percentage of Ownership (%)
December 31, 2016
December 31, 2015
Direct Subsidiaries
PT Bahagia Makmursejati
(BHMS)
Jakarta
a
2003
99.99
99.99
PT Serpong Cipta Kreasi
(SPCK)
Tangerang
a
2004
100.00
100.00
PT Anugerah Damai Abadi
(AGDA)
Tangerang
b
2007
100.00
100.00
PT Gading Orchard (GDOR)
Jakarta
a
2008
100.00
100.00
PT Summarecon Property
Development (SMPD)
Jakarta
a
2012
100.00
100.00
PT Summarecon Investment
Property (SMIP)
Jakarta
c
2012
100.00
100.00
PT Multi Abadi Prima (MTAP)
Jakarta
d
2013
100.00
100.00
PT Bhakti Karya Sejahtera
(BTKS)
Jakarta
e
2013
100.00
100.00
PT Citra Damai Agung
(CTDA)
Jakarta
a
2014
100.00
100.00
e
2016
80.00
-
PT Bhakti Karya Bangsa
(BTKB)
Jakarta
PT Java Investama Properti
(JVIP)
Jakarta
c
-
100.00
100.00
PT Sagraha Mitraloka Elok
(SGME)
Jakarta
j
-
100.00
-
PT Eskage Tatanan Kota
(EKTK)
Jakarta
f
2009
100.00
100.00
PT Bekasi Tatanan Kota
(BKTK)
Bekasi
f
2012
100.00
100.00
Bandung
a
2015
100.00
100.00
PT Maju Lestari Properti
(MJLP)
Jakarta
a
-
100.00
100.00
PT Inovasi Jaya Properti
(IVJP)
Jakarta
a
-
100.00
100.00
PT Mahkota Intan
Cemerlang (MKIC)
Jakarta
a
-
100.00
100.00
PT Banyumas Eka
Mandiri (BYEM)
Jakarta
a
-
100.00
100.00
PT Aruna Cahaya
Abadi (ARCA)
Jakarta
a
-
100.00
100.00
PT Selaras Maju
Mandiri (SLMM)
Jakarta
a
-
100.00
100.00
PT Orient City (ORCT)
Jakarta
a
-
100.00
100.00
Indirect Subsidiaries
through SMPD
PT Mahkota Permata
Perdana (MKPP)
13
These consolidated financial statements are originally issued in the Indonesian language.
PT SUMMARECON AGUNG Tbk AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
As of December 31, 2016 and for the Year Then Ended
(Expressed in thousands of Indonesian Rupiah, unless otherwise stated)
1. GENERAL (continued)
d. Structure of the Company’s Subsidiaries (continued)
The Company had direct and indirect ownership in the following Subsidiaries (continued):
Name of Subsidiaries
Start of
Commercial
Operations
Percentage of Ownership (%)
December 31, 2016
December 31, 2015
Domicile
Principal Activity
Tangerang
a
-
100.00
100.00
Jakarta
a
-
51.00
51.00
PT Sinar Mahakam Indah
(SNMI)
Samarinda
a
-
83.77
83.77
PT Sinar Semesta Indah
(SNSI)
Tangerang
a
-
100.00
100.00
PT Wahyu Kurnia
Sejahtera (WYKS)
Jakarta
a
-
100.00
100.00
PT Kahuripan Jaya
Mandiri (KHJM)
Jakarta
a
-
51.00
51.00
PT Gunung Suwarna
Abadi (GNSA)
Jakarta
a
-
51.00
51.00
PT Taruna Maju Berkarya
(TRMB)
Jakarta
a
-
100.00
100.00
PT Gunung Srimala
Permai (GNSP)
Jakarta
a
-
51.00
51.00
PT Sunda Besar Properti
(SDBP)
Bandung
a
-
100.00
100.00
PT Maju Singa
Parahyangan (MJSP)
Bandung
a
-
100.00
100.00
PT Surya Mentari
Diptamas (SYMD)
Jakarta
a
-
51.00
51.00
PT Surya Menata
Elokjaya (SYME)
Jakarta
a
-
100.00
100.00
PT Kencana Jayaproperti
Agung (KCJA)
Jakarta
a
-
51.00
51.00
PT Kencana Jayaproperti
Mulia (KCJM)
Jakarta
a
-
51.00
51.00
Makassar
a
-
51.00
51.00
Jakarta
a
-
100.00
100.00
Makassar
a
-
100.00
100.00
Tangerang
c
2006
100.00
100.00
Jakarta
h
2007
100.00
100.00
Indirect Subsidiaries
through SMPD (continued)
PT Bumi Perintis Asri (BMPA)
PT Duta Sumara Abadi
(DTSA)
PT Sinergi Mutiara
Cemerlang (SGMC)
PT Sukmabumi Mahakam
Jaya (SBMJ)
PT Bintang Mentari Indah
(BNMI)
Indirect Subsidiaries
through SMIP
PT Lestari Mahadibya
(LTMD)
PT Summerville Property
Management (SVPM)
14
These consolidated financial statements are originally issued in the Indonesian language.
PT SUMMARECON AGUNG Tbk AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
As of December 31, 2016 and for the Year Then Ended
(Expressed in thousands of Indonesian Rupiah, unless otherwise stated)
1. GENERAL (continued)
d. Structure of the Company’s Subsidiaries (continued)
The Company had direct and indirect ownership in the following Subsidiaries (continued):
Name of Subsidiaries
Domicile
Principal Activity
Start of
Commercial
Operations
Percentage of Ownership (%)
December 31, 2016
December 31, 2015
Indirect Subsidiaries
through SMIP (continued)
PT Summarecon
Hotelindo (SMHO)
Jakarta
g
2010
100.00
100.00
PT Makmur Orient Jaya
(MKOJ)
Bekasi
c
2013
100.00
100.00
Tangerang
c
2013
100.00
100.00
PT Dunia Makmur
Properti (DNMP)
Jakarta
c
2015
100.00
100.00
PT Summarecon Bali Indah
(SMBI)
Jakarta
c
2016
100.00
100.00
PT Permata Jimbaran
Agung (PMJA)
Badung
c
2016
59.09
58.65
PT Pradana Jaya
Berniaga (PDJB)
Badung
b
2016
100.00
100.00
PT Seruni Persada
Indah (SRPI)
Jakarta
c
-
100.00
100.00
PT Bali Indah
Development (BLID)
Badung
c
-
100.00
100.00
PT Bali Indah Property
(BLIP)
Badung
c
-
100.00
100.00
PT Bukit Jimbaran Indah
(BKJI)
Badung
c
-
100.00
100.00
PT Bukit Permai Properti
(BKPP)
Badung
a
-
100.00
100.00
PT Hotelindo Permata
Jimbaran (HOPJ)
Badung
g
-
59.09
58.65
PT Nirwana Jaya
Semesta (NWJS)
Jakarta
g
-
100.00
100.00
PT Sadhana Bumi
Jayamas (SDBJ)
Jakarta
c
-
100.00
100.00
PT Sumber Pembangunan
Cemerlang (SBPC)
Jakarta
c
-
100.00
100.00
PT Unota Persada Jaya
(UNPS)
Jakarta
c
-
100.00
100.00
PT Java Orient Properti
(JVOP)
Yogyakarta
g
-
90.00
67.00
PT Mahakarya Buana Damai
(MKBD)
Bandung
c
-
100.00
100.00
PT Hotelindo Saribuana
Damai (HSBD)
Bandung
g
-
100.00
-
Yogyakarta
g
-
100.00
-
Jakarta
g
-
100.00
-
PT Kharisma Intan
Properti (KRIP)
PT Hotelindo Java
Properti (HIJP)
PT Hotelindo Cahaya
Gemilang (HICG)
15
These consolidated financial statements are originally issued in the Indonesian language.
PT SUMMARECON AGUNG Tbk AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
As of December 31, 2016 and for the Year Then Ended
(Expressed in thousands of Indonesian Rupiah, unless otherwise stated)
1. GENERAL (continued)
d. Structure of the Company’s Subsidiaries (continued)
The Company had direct and indirect ownership in the following Subsidiaries (continued):
Name of Subsidiaries
Domicile
Principal Activity
Start of
Commercial
Operations
Percentage of Ownership (%)
December 31, 2016
December 31, 2015
2010
100.00
100.00
2011
60.00
60.00
Indirect Subsidiaries
through SPCK
PT Serpong Tatanan
Kota (STTK)
Tangerang
PT Bhakti Karya Vita
(BTKV)
Tangerang
i
PT Jaya Bangun Abadi
(JYBA)
Tangerang
a
-
100.00
100.00
PT Permata Cahaya
Cemerlang (PMCC)
Tangerang
a
-
100.00
100.00
PT Surya Intan Properti
(SYIP)
Tangerang
a
-
100.00
100.00
PT Mahkota Berlian Indah
(MKBI)
Tangerang
a
-
100.00
100.00
PT Mahkota Permata Indah
(MKPI)
Tangerang
a
-
100.00
100.00
f
Notes on the principal activities of subsidiaries as of December 31, 2016:
a Property development
b Retail, food and beverages
c Investment property
d Gas station
e Education
f Town management
g Hotel
h Property management
i Hospital
j Trading
Name of Subsidiaries
Domicile
Principal Activity
Start of
Commercial
Operations
Total Assets Before Elimination
December 31, 2016
December 31, 2015
Direct Subsidiaries
PT Bahagia Makmursejati
(BHMS)
Jakarta
a
2003
18,189,267
17,695,584
PT Serpong Cipta Kreasi
(SPCK)
Tangerang
a
2004
5,953,177,002
5,222,076,076
PT Anugerah Damai Abadi
(AGDA)
Tangerang
b
2007
6,650,766
6,297,409
PT Gading Orchard (GDOR)
Jakarta
a
2008
47,224,825
120,596,541
PT Summarecon Property
Development (SMPD)
Jakarta
a
2012
5,547,460,807
4,718,459,919
PT Summarecon Investment
Property (SMIP)
Jakarta
c
2012
4,335,387,516
3,980,391,574
PT Multi Abadi Prima (MTAP)
Jakarta
d
2013
26,378,370
28,565,897
PT Bhakti Karya Sejahtera
(BTKS)
Jakarta
e
2013
88,020,097
92,288,952
PT Citra Damai Agung
(CTDA)
Jakarta
a
2014
39,400,479
40,216,263
PT Bhakti Karya Bangsa
(BTKB)
Jakarta
e
2016
7,303,636
-
16
These consolidated financial statements are originally issued in the Indonesian language.
PT SUMMARECON AGUNG Tbk AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
As of December 31, 2016 and for the Year Then Ended
(Expressed in thousands of Indonesian Rupiah, unless otherwise stated)
1. GENERAL (continued)
d. Structure of the Company’s Subsidiaries (continued)
The Company had direct and indirect ownership in the following Subsidiaries (continued):
Name of Subsidiaries
Domicile
Principal Activity
Start of
Commercial
Operations
Total Assets Before Elimination
December 31, 2016
December 31, 2015
Direct Subsidiaries (continued)
PT Java Investama Properti
(JVIP)
Jakarta
c
-
15,101,611
15,103,793
PT Sagraha Mitraloka Elok
(SGME)
Jakarta
j
-
478,484
-
PT Eskage Tatanan Kota
(EKTK)
Jakarta
f
2009
6,584,078
8,371,842
PT Bekasi Tatanan Kota
(BKTK)
Bekasi
f
2012
11,417,766
11,839,233
Bandung
a
2015
2,226,319,004
1,683,783,800
PT Maju Lestari Properti
(MJLP)
Jakarta
a
-
36,957,460
36,317,369
PT Inovasi Jaya Properti
(IVJP)
Jakarta
a
-
1,032,653,348
900,372,373
PT Mahkota Intan
Cemerlang (MKIC)
Jakarta
a
-
410,910,470
402,258,417
PT Banyumas Eka
Mandiri (BYEM)
Jakarta
a
-
280,028,472
277,852,825
PT Aruna Cahaya
Abadi (ARCA)
Jakarta
a
-
71,117,621
69,432,259
PT Selaras Maju
Mandiri (SLMM)
Jakarta
a
-
856,340,671
766,574,048
PT Orient City (ORCT)
Jakarta
a
-
2,782,553
3,199,235
Tangerang
a
-
62,511,730
58,717,865
Jakarta
a
-
312,180,872
295,317,465
PT Sinar Mahakam Indah
(SNMI)
Samarinda
a
-
37,418,975
37,210,604
PT Sinar Semesta Indah
(SNSI)
Tangerang
a
-
750,010
756,095
PT Wahyu Kurnia
Sejahtera (WYKS)
Jakarta
a
-
182,546,182
180,260,729
PT Kahuripan Jaya
Mandiri (KHJM)
Jakarta
a
-
49,662,328
48,137,943
PT Gunung Suwarna
Abadi (GNSA)
Jakarta
a
-
174,734,839
148,844,593
PT Taruna Maju
Berkarya (TRMB)
Jakarta
a
-
3,101,203
2,924,221
PT Gunung Srimala
Permai (GNSP)
Jakarta
a
-
152,291,572
64,392,710
Indirect Subsidiaries
through SMPD
PT Mahkota Permata
Perdana (MKPP)
PT Bumi Perintis
Asri (BMPA)
PT Duta Sumara Abadi
(DTSA)
17
These consolidated financial statements are originally issued in the Indonesian language.
PT SUMMARECON AGUNG Tbk AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
As of December 31, 2016 and for the Year Then Ended
(Expressed in thousands of Indonesian Rupiah, unless otherwise stated)
1. GENERAL (continued)
d. Structure of the Company’s Subsidiaries (continued)
The Company had direct and indirect ownership in the following Subsidiaries (continued):
Name of Subsidiaries
Domicile
Principal Activity
Start of
Commercial
Operations
Total Assets Before Elimination
December 31, 2016
December 31, 2015
Indirect Subsidiaries
through SMPD (continued)
PT Sunda Besar
Properti (SDBP)
Bandung
a
-
1,119,812
1,083,061
PT Maju Singa
Parahyangan (MJSP)
Bandung
a
-
1,119,744
1,082,994
PT Surya Mentari
Diptamas (SYMD)
Jakarta
a
-
2,778,293
2,622,161
PT Surya Menata
Elokjaya (SYME)
Jakarta
a
-
2,934,730
2,787,328
PT Kencana Jayaproperti
Agung (KCJA)
Jakarta
a
-
229,599,238
213,393,406
PT Kencana Jayaproperti
Mulia (KCJM)
Jakarta
a
-
188,563,549
188,378,548
Makassar
a
-
488,375,570
452,377,348
PT Sukmabumi Mahakam
Jaya (SBMJ)
Jakarta
a
-
990,465
992,679
PT Bintang Mentari Indah
(BNMI)
Makassar
a
-
213,232,474
158,737,969
PT Sinergi Mutiara
Cemerlang (SGMC)
Indirect Subsidiaries
through SMIP
PT Lestari Mahadibya
(LTMD)
Tangerang
c
2006
1,137,721,162
1,170,342,981
PT Summerville Property
Management (SVPM)
Jakarta
h
2007
4,651,019
4,039,522
PT Summarecon
Hotelindo (SMHO)
Jakarta
g
2010
132,343,615
140,116,350
PT Makmur Orient Jaya
(MKOJ)
Bekasi
c
2013
891,299,577
908,751,662
Tangerang
c
2013
205,116,390
209,529,494
PT Dunia Makmur
Properti (DNMP)
Jakarta
c
2015
117,943,045
123,266,103
PT Summarecon Bali Indah
(SMBI)
Jakarta
c
2016
1,344,744,240
989,392,642
PT Permata Jimbaran
Agung (PMJA)
Badung
c
2016
851,864,155
487,507,138
PT Pradana Jaya Berniaga
(PDJB)
Badung
b
2016
6,253,238
2,060,080
PT Seruni Persada
Indah (SRPI)
Jakarta
c
-
1,066,036
1,035,136
PT Bali Indah
Development (BLID)
Badung
c
-
179,839,539
185,780,903
PT Bali Indah Property
(BLIP)
Badung
c
-
3,769,608
3,792,032
PT Kharisma Intan
Properti (KRIP)
18
These consolidated financial statements are originally issued in the Indonesian language.
PT SUMMARECON AGUNG Tbk AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
As of December 31, 2016 and for the Year Then Ended
(Expressed in thousands of Indonesian Rupiah, unless otherwise stated)
1. GENERAL (continued)
d. Structure of the Company’s Subsidiaries (continued)
The Company had direct and indirect ownership in the following Subsidiaries (continued):
Name of Subsidiaries
Domicile
Principal Activity
Start of
Commercial
Operations
Total Assets Before Elimination
December 31, 2016
December 31, 2015
Indirect Subsidiaries
through SMIP (continued)
PT Bukit Jimbaran Indah
(BKJI)
Badung
c
-
613,522
613,267
PT Bukit Permai Properti
(BKPP)
Badung
a
-
484,276,216
483,661,929
PT Hotelindo Permata
Jimbaran (HOPJ)
Badung
g
-
332,267,222
106,706,633
PT Nirwana Jaya
Semesta (NWJS)
Jakarta
g
-
13,008,479
12,211,420
PT Sadhana Bumi
Jayamas (SDBJ)
Jakarta
c
-
81,503,517
81,655,279
c
-
1,048,159
1,032,788
PT Sumber Pembangunan
Cemerlang (SBPC)
Jakarta
PT Unota Persada Jaya
(UNPS)
Jakarta
c
-
146,036,435
145,438,142
PT Java Orient Properti
(JVOP)
Yogyakarta
g
-
150,900,844
113,419,542
PT Mahakarya Buana Damai
(MKBD)
Bandung
c
-
106,251,658
73,538,486
PT Hotelindo Saribuana
Damai (HSBD)
Bandung
g
-
250,000
-
Yogyakarta
g
-
250,000
-
Jakarta
g
-
250,000
-
PT Serpong Tatanan
Kota (STTK)
Tangerang
f
2010
49,775,911
36,026,256
PT Bhakti Karya Vita
(BTKV)
Tangerang
i
2011
65,509,098
73,367,566
PT Jaya Bangun Abadi
(JYBA)
Tangerang
a
-
90,480,232
90,624,545
PT Permata Cahaya
Cemerlang (PMCC)
Tangerang
a
-
335,300,627
340,695,347
PT Surya Intan Properti
(SYIP)
Tangerang
a
-
156,309,112
154,880,519
PT Mahkota Berlian Indah
(MKBI)
Tangerang
a
-
95,239,265
97,084,998
PT Mahkota Permata Indah
(MKPI)
Tangerang
a
-
83,713,611
83,241,175
PT Hotelindo Jaya Properti
(HIJP)
PT Hotelindo Cahaya
Gemilang (HICG)
Indirect Subsidiaries
through SPCK
Notes on the principal activities of subsidiaries as of December 31, 2016:
a Property development
b Retail, food and beverages
c Investment property
d Gas station
e Education
f Town management
g Hotel
h Property management
i Hospital
j Trading
19
These consolidated financial statements are originally issued in the Indonesian language.
PT SUMMARECON AGUNG Tbk AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
As of December 31, 2016 and for the Year Then Ended
(Expressed in thousands of Indonesian Rupiah, unless otherwise stated)
1. GENERAL (continued)
d. Structure of the Company’s Subsidiaries (continued)
In 2016, the Company established new direct Subsidiaries, which are BTKB and SGME and
established new indirect Subsidiaries through SMIP, which are HSBD, HIJP and HICG.
As of December 31, 2016, JVIP, SGME, MJLP, IVJP, MKIC, BYEM, ARCA, SLMM, ORCT, BMPA,
DTSA, SNMI, SNSI, WYKS, KHJM, GNSA, TRMB, GNSP, SDBP, MJSP, SYMD, SYME, KCJA,
KCJM, SGMC, SBMJ, BNMI, SRPI, BLID, BLIP, BKJI, BKPP, HOPJ, NWJS, SDBJ, SBPC, UNPS,
JVOP, MKBD, HSBD, HIJP, HICG, JYBA, PMCC, SYIP, MKBI and MKPI have not started
commercial operations.
e. Changes in Capital Structure of the Subsidiaries
PT Bahagia Makmur Sejati (BHMS)
In December 2015, BHMS shareholders decided to decrease its issued and fully paid capital stock
from Rp16,340,000 to Rp6,340,000 with par value of Rp1,000 (full amount) per share. The
Company subscribed for all the decrease of 10,000,000 shares for Rp10,000,000. The Company’s
ownership in BHMS remains at 99.99% and Liliawati Rahardjo at 0.01% after the decrease. The
decrease in issued and fully paid capital stock was notarized under deed No. 49 dated
December 15, 2015 of Dewi Himijati Tandika, S.H., which was acknowledged and recorded by the
MLHR in its Decision Letter No. AHU-0003922.AH.01.02. Year 2016 dated February 29, 2016.
PT Gading Orchard (GDOR)
In December 2015, GDOR shareholders decided to decrease its issued and fully paid capital stock
from Rp123,695,270 to Rp103,695,155 with par value of Rp9,145,000 (full amount) per share. The
Company subscribed for all the decrease of 2,187 shares for Rp20,000,115. The Company’s
ownership in GDOR remains at 99.99% and BHMS at 0.01% after the decrease. The decrease in
issued and fully paid capital stock was notarized under deed No. 50 dated December 15, 2015 of
Dewi Himijati Tandika, S.H., which was acknowledged and recorded by the MLHR in its Decision
Letter No. AHU-0003921.AH.01.02. Year 2016 dated February 29, 2016.
In December 2016, GDOR shareholders decided to decrease its authorized capital from
Rp411,525,000 to Rp125,286,500 and issued and paid-in capital from Rp103,695,155 to
Rp31,321,625 with par value of Rp9,145,000 (full amount) per share. The Company subscribed for
all the decrease of 7,914 shares for Rp72,373,530. After the decrease, the ownership percentage
for the Company is 99.97% and for BHMS is 0.03%. The decrease in authorized and issued and
fully paid capital stock was notarized under deed No. 45 dated December 13, 2016 of Dewi
Himijati Tandika, S.H., which was acknowledged and recorded by the MLHR in its Decision Letter
No. AHU-0000713.AH.01.02. Year 2017 dated January 12, 2017.
PT Summarecon Property Development (SMPD)
In December 2015, SMPD increased its issued and fully paid capital stock from Rp3,238,115,247
to Rp3,819,386,900 with par value of Rp1,000 (full amount) per share. The Company subscribed
for all the increase of 581,271,653 shares for Rp581,271,653. The increase in issued and fully paid
capital stock was notarized under deed No. 88 dated December 18, 2015 of Dewi Himijati
Tandika, S.H., which was acknowledged and recorded by the MLHR in its Decision Letter
No. AHU-AH.01.03-0003356. Year 2016 dated January 15, 2016.
In December 2016, SMPD increased its issued and fully paid capital stock from Rp3,819,386,900
to Rp4,029,258,900 with par value of Rp1,000 (full amount) per share. The Company subscribed
for all the increase of 209,872,000 shares for Rp209,872,000. The increase in issued and fully paid
capital stock was notarized under deed No. 97 dated December 16, 2016 of Dewi Himijati
Tandika, S.H., which was acknowledged and recorded by the MLHR in its Decision Letter
No. AHU-AH.01.03-0011899. Year 2017 dated January 12, 2017.
20
These consolidated financial statements are originally issued in the Indonesian language.
PT SUMMARECON AGUNG Tbk AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
As of December 31, 2016 and for the Year Then Ended
(Expressed in thousands of Indonesian Rupiah, unless otherwise stated)
1. GENERAL (continued)
e. Changes in Capital Structure of the Subsidiaries (continued)
PT Summarecon Investment Property (SMIP)
In December 2015, SMIP increased its issued and fully paid capital stock from Rp1,701,681,639 to
Rp2,185,387,340 with par value of Rp1,000 (full amount) per share. The Company subscribed for
all the increase of 483,705,701 shares for Rp483,705,701. The increase in issued and fully paid
capital stock was notarized under deed No. 89 dated December 18, 2015 of
Dewi Himijati Tandika, S.H., which was acknowledged and recorded by the MLHR in its Decision
Letter No. AHU-AH.01.03.0003358. Year 2016 dated January 15, 2016.
In December 2016, SMIP increased its issued and fully paid capital stock from Rp2,185,387,340 to
Rp2,454,162,470 with par value of Rp1,000 (full amount) per share. The Company subscribed for
all the increase of 268,775,130 shares for Rp268,775,130. The increase in fully paid capital stock
was notarized under deed No. 95 dated December 16, 2016 of Dewi Himikati Tandika, S.H., which
was acknowledged and recorded by the MLHR in its Decision Letter No. AHU-AH.01.03-0011752.
Year 2017 dated January 12, 2017.
PT Multi Abadi Prima (MTAP)
In December 2015, MTAP shareholders decided to decrease its issued and fully paid capital stock
from Rp27,721,000 to Rp17,721,000 with par value of Rp1,000 (full amount) per share. The
Company subscribed for all the decrease of 10,000,000 shares for Rp10,000,000. The Company’s
ownership in MTAP remains at 99.99% and BHMS at 0.01% after the decrease. The decrease in
issued and fully paid capital stock was notarized under deed No. 52 dated December 15, 2015 of
Dewi Himijati Tandika, S.H. which was acknowledged and recorded by the MLHR in its Decision
Letter No. AHU-0003917.AH.01.02. Year 2016 dated February 29, 2016.
PT Bhakti Karya Sejahtera (BTKS)
In December 2015, BTKS increased its authorized capital from Rp100,000,000 to Rp200,000,000
and its issued and fully paid capital stock from Rp74,833,000 to Rp97,250,000 with par value of
Rp1,000 (full amount) per share. The Company subscribed for all the increase of 22,417,000
shares for Rp22,417,000. The increase in issued and fully paid capital stock was notarized under
deed No. 90 dated December 18, 2015 of Dewi Himijati Tandika, S.H. which was acknowledged
and recorded by the MLHR in its Decision Letter No. AHU-AH.01.03-0003371. Year 2016 and
No. AHU-0000838.AH.01.02. Year 2016 dated January 15, 2016.
In December 2016, BTKS increased its issued and fully paid capital stock from Rp97,250,000 to
Rp99,023,000 with par value of Rp1,000 (full amount) per share. The Company subscribed for all
the increase of 1,773,000 shares for Rp1,773,000. The increase in issued and fully paid capital
stock was notarized under deed No. 96 dated December 16, 2016 of Dewi Himijati Tandika, S.H.,
which was acknowledged and recorded by the MLHR in its Decision Letter
No. AHU-AH.01.03-0011824. Year 2017 dated January 12, 2017.
PT Citra Damai Agung (CTDA)
In December 2015, CTDA shareholders decreased its issued and fully paid capital stock from
Rp110,000,000 to Rp30,000,000 with par value of Rp1,000 (full amount) per share. The Company
subscribed for all the decrease of 80,000,000 shares for Rp80,000,000. The Company’s ownership
in CTDA remains at 99.99% and BHMS at 0.01% after the decrease. The decrease in issued and
fully paid capital stock was notarized under deed No. 51 dated December 15, 2015 of Dewi
Himijati Tandika, S.H., which was acknowledged and recorded by the MLHR in its Decision Letter
No. AHU-0003918.AH.01.02. Year 2016 dated February 29, 2016.
21
These consolidated financial statements are originally issued in the Indonesian language.
PT SUMMARECON AGUNG Tbk AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
As of December 31, 2016 and for the Year Then Ended
(Expressed in thousands of Indonesian Rupiah, unless otherwise stated)
1. GENERAL (continued)
e. Changes in Capital Structure of the Subsidiaries (continued)
PT Bhakti Karya Bangsa (BTKB)
On July 20, 2016, BTKB was established with authorized capital amounting to Rp30,000,000 and
issued and fully paid capital stock amounting to Rp7,500,000. The Company acquired 6,000,000
shares amounting to Rp6,000,000 with par value of Rp1,000 (full amount) per share representing
80.00% ownership. The remaining 1,500,000 shares amounting to Rp1,500,000 representing 20%
ownership is acquired by Sudino. The establishment was notarized under deed No. 8 dated
July 20, 2016 of Dewi Himijati Tandika, S.H., which was acknowledged and recorded by the MLHR
in its Decision Letter No. AHU-0032876.AH.01.01. Year 2016 dated July 21, 2016 and was
published in the State Gazette Republic of Indonesia No. 71, Supplement No. 74971 dated
September 6, 2016.
PT Java Investama Properti (JVIP)
On March 23, 2015, SRPI sold its ownership to JVIP as much as 999,999 shares with par value of
Rp1,000 (full amount) per share, representing 99.9999% ownership to the Company. The
percentage of ownership in JVIP for the Company becomes 99.99% while SRPI own none. The
difference between the selling price and net book value of Rp1,794 has been eliminated from the
consolidated statement of financial position. It was notarized under deed No. 79 of
Dra. Rr. Hariyanti Poerbiantari, S.H., M.Kn., which was acknowledged and recorded by the MLHR
in its Decision Letter No. AHU-AH.01.03-0020392. Year 2015 dated March 31, 2015.
PT Sagraha Mitraloka Elok (SGME)
On October 13, 2016, SGME was established with authorized capital amounting to Rp2,000,000,
issued and fully paid capital stock amounting to Rp500,000. The Company acquired 499,999
shares amounting to Rp499,999 with par value of Rp1,000 (full amount) per share representing
99.99% ownership. The remaining 1 share amounting to Rp1 representing 0.01% is acquired by
BHMS. The establishment was notarized under deed No. 30 dated October 13, 2016 of Dewi
Himijati Tandika, S.H., which was acknowledged and recorded by the MLHR in its Decision Letter
No. AHU-0046358.AH.01.01. Year 2016 dated October 19, 2016. Until the date of the approval
and ratification of the consolidated financial statements issuance, the publication in the State
Gazette Republic of Indonesia is still in the process.
PT Eskage Tatanan Kota (EKTK)
In December 2015, EKTK increased its issued and fully paid capital stock from Rp22,375,970 to
Rp24,583,970 with par value of Rp1,000 (full amount) per share. SMPD subscribed for all the
increase of 2,208,000 shares for Rp2,208,000. The increase in issued and fully paid capital stock
was notarized under deed No. 80 dated December 17, 2015 of Dewi Himijati Tandika, S.H., which
was acknowledged and recorded by the MLHR in its Decision Letter No. AHU-AH.01.03-0003240.
Year 2016 dated January 15, 2016.
22
These consolidated financial statements are originally issued in the Indonesian language.
PT SUMMARECON AGUNG Tbk AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
As of December 31, 2016 and for the Year Then Ended
(Expressed in thousands of Indonesian Rupiah, unless otherwise stated)
1. GENERAL (continued)
e. Changes in Capital Structure of the Subsidiaries (continued)
PT Eskage Tatanan Kota (EKTK) (continued)
In December 2016, EKTK increased its issued and fully paid capital stock from Rp24,583,970 to
Rp27,304,970 with par value of Rp1,000 (full amount) per share. SMPD subscribed for all the
increase of 2,721,000 shares for Rp2,721,000. The increase in issued and fully paid capital stock
was notarized under deed No. 92 dated December 16, 2016 of Dewi Himijati